ICICI Bank launches Money2SriLanka

Posted By: Religare
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ICICI Bank launches Money2SriLanka
Money2SriLanka, an online money remittance product, was launched by ICICI bank today. The launch aimed to facilitate cross-broader money transfer facility. Sampath Bank, which already had 188 existing branches in Sri Lanka has partnered with ICICI for the product.

Money2SriLanka, abbreviated as M2SL, can be defined as a web based online remittance platform that would help the sending of remittances from various parts of the world to beneficiaries in Sri Lanka in a better way. The service would initial be started in Canada and the United Kingdom, however, during its second phase, it would soon spread to counties like Australia, USA, South East Asia and the Euro Zone.

The account holders of ICICI Bank Sri Lanka and Sampath Bank the remittance received through M2SL would be available instantly on the same day of receipt of funds in Sri Lanka. However, for the account holders of other bank in Sri Lanka, remittances received would be disbursed via Sri Lanka Interbank Payment system (SLIPS).

M2SL contains an online tracking system that enables the tracing the status of a transaction from the point of initiation up to the point of payment to the beneficiary. This contained feature is regarded to be one of the important features of the new service.

Read more about: icici bank, nse, bse, bank
Story first published: Thursday, May 12, 2011, 9:30 [IST]
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