Business Banking

Best benefits to Lankans employed abroad:

Free exchange of foreign currencies from People’s Bank

PEOPLE’S BANK has removed all charges attached to the exchange of foreign currencies to Sri Lankan Rupees.

As a result, People’s Bank will not charge a commission or a service charge from those wanting to exchange US Dollar, Sterling Pound and Euro notes into Sri Lankan Rupees.

The objective is to give the best benefits to the earnings of Sri Lankans employed abroad.

This free service is available from all People’s Bank branches islandwide, and comes with a high exchange rate and the best value for the Sri Lankan Rupee.

Chief Executive Officer/General Manager, Asoka de Silva said: “It is the first time in Sri Lanka that a Bank has taken an initiative such as this. We want to encourage people to go through the proper banking channels, rather than informal channels, when they exchange their foreign currencies.

This will ensure that Sri Lanka will gain the maximum advantages within the foreign exchange market, by not losing money through dubious means. This in turn, will assist in the development programs of the Government as well.”

This innovative step, introduced alongside the World Thrift Day, will be a way to rethink ways in which people save as well, he said.

Award for HNB at MoneyGram Conference

MONEYGRAM International, a world renowned money transfer services provider recently held its Asia Pacific Agents’ Conference at the Grand Hyatt Hotel Shanghai China.

Authorised agents of MoneyGram from around the region gathered for the conference at which MoneyGram’s future strategies were clearly spelt out.

The highlight of the conference was the importance given to anti money laundering compliance regulations by MoneyGram and the roles authorized agents were required to play.

Hatton National Bank Ltd (HNB) the leading agent for MoneyGram in Sri Lanka bagged a prestigious award for the “Best Collaboration of the Signage Project” from the top eight agents in the region.

The award was presented to Managing Director/Chief Executive Officer of HNB Rajendra Theagarajah. The forum also paved the way for agents of different countries within Asia Pacific Region to discuss and share their views and experiences in a rapidly growing market environment for the services of MoneyGram.

CEO of MoneyGram International Limited John Hempsey presented, the award in Shanghai, China to Managing Director/Chief Executive Officer of Hatton National Bank, Rajendra Theagarajah.

Seylan to offer loans to Sri Lankans in UK

SEYLAN BANK signed up with Ceylinco Consolidated (UK) Ltd to enable Sri Lankans in the UK obtain personal and housing loans.

Sri Lankans who regularly remit funds to Sri Lanka, utilising the Ceylinco FastCash remittance service, could avail themselves of this benefit.

Ceylinco FastCash International Money remittance service, which has served the Sri Lankan Diaspora for almost a year through its 1400 agents location worldwide, is represented in the UK, through Ceylinco Consolidated (UK) Ltd.

In addition to providing a speedy and reliable money transfer service, Ceylinco FastCash also provides a host of value added services including a loyalty card known as “WishCard” that incorporates other unique features like doorstep delivery of cash, medical care for family members in Sri Lanka (available in areas covered by this service) and instant advice of the money transfer to the beneficiary via SMS.

The facility also provides for the sender to be informed once the beneficiary receives the funds, where the system will generate a SMS back to the sender once the disbursement is effected.

Whilst providing this remittance service in the UK, Ceylinco Consolidated (UK) would also now provide Seylan Bank’s Personal & Housing loans, for disbursement in Sri Lanka.

Expatriate Sri Lankans, who wish to either educate their children, purchase electronic items, purchase land, purchase a house, renovate their existing dwelling could avail themselves of this service, in Sri Lanka.

This is another step in Seylan Bank’s endeavours to provide the Sri Lankan expatriate community with the convenience that is required to increase the quality of life of every Sri Lankan and also increase the number of inward remittances and thereby boost the country’s foreign exchange reserves in line with Chairman, Dr. Lalith Kotelawala’s philosophy of actively contributing towards the country’s economy.

ComBank launches ‘Paymaster’ total payment solution

A SEAMLESS and comprehensive electronic payment mechanism that can replace cheques and cash payments and minimise processing time as well as costs and the risk of transporting cash, has been launched by the Commercial Bank of Ceylon primarily for the corporate sector.

Modelled on the bank’s extensively used Salary Remittance Package (SRP), the new mechanism branded ‘Paymaster’ is a Total Payment Solution that enables organisations or individuals to make virtually any type of payment to multiple beneficiaries by simply uploading a file to Commercial Bank’s on-line banking platform.

Possible payments include settlement of suppliers, disbursement of dividends or interest, payment of insurance claims or agent commissions, and payment of salaries and bonuses.

“Any payment in Rupees within Sri Lanka can be made via Paymaster,” Commercial Bank’s Head of Operations Palitha Perera said.

“Most over-the-counter payments can be accommodated, provided the recipient has a bank account.”

The obvious immediate benefits of ‘Paymaster’ are speed, security and a saving on the cost of cheque leaves and paper work. “There are no limits on the possible number of transactions or their value.

Millions of rupees can be paid out without company personnel ever handling cheques or cash,” he said.

The cost effectiveness of using ‘Paymaster’ is expected to attract attention instantly: up to 500 transactions if uploaded in a single file to Commercial Bank will cost the paying party Rs 1000 or just Rs 2 per payment.

As many as 2500 payments can be accommodated in a single file in the format developed for Paymaster by Commercial Bank.

If the paying party and beneficiary both have accounts at the Commercial Bank, the transfer of funds would be virtually instant.

Transfers to any of the other 27 commercial banks operating in Sri Lanka is possible but would take a minimum of one day or more if the beneficiary’s account is at a Bank branch which is not on-line.

Commercial Bank’s on-line banking system will automatically generate reports on payments made or rejected on the same day, providing users with confirmation of successful transactions.

‘Paymaster’ is the first total payment solution offered by a bank in Sri Lanka that is capable of multiple payments through a single mechanism,” Commercial Bank’s Manager eBanking Pradeep Banduwansa said.

The bank’s Salary Remittance Package on which Paymaster is based, is currently used by more than 800 corporate clients, including the majority of garment factories in the Katunayake Export Processing Zone (KEPZ), he disclosed.

In some instances where the number of beneficiaries is high, the Commercial Bank has even set up dedicated Automated Teller Machines (ATMs) for their use.

One of the key advantages that Paymaster will offer users is Commercial Bank’s network of 280 automated teller machines.