ICICI Bank ties up with Sampath Bank for Money2SriLanka

M2SL is a web based online remittance platform which facilitates the sending of remittances from various geographies to beneficiaries in Sri Lanka in a convenient, speedy and economical manner.

  • (1888PressRelease) May 12, 2011 - M2SL is a web-based online remittance platform which facilitates the sending of remittances from various geographies to beneficiaries in Sri Lanka in a convenient, speedy and economical manner.

    Colombo: ICICI Bank Limited ("ICICI Bank"), India's largest private sector bank today, announced the launch of Money2SriLanka (M2SL), an online cross-border money transfer facility in partnership with Sampath Bank PLC. ICICI Bank has a presence in Sri Lanka through its branch office in Colombo. M2SL is a web-based online remittance platform which facilitates the sending of remittances from various geographies to beneficiaries in Sri Lanka in a convenient, speedy and economical manner.

    This service will be piloted in Canada and the United Kingdom and will shortly be rolled out in Australia, USA, South East Asia and the Euro Zone in the second phase.

    ICICI Bank spokesperson said, "ICICI Bank remains committed to extend its expertise in the cross border payments business and the online tracking service for money transfers is the first step towards creating a remittance platform for Sri Lanka."

    The remittance received through M2SL is available for account holders of ICICI Bank Sri Lanka and Sampath Bank instantly on the day of receipt of funds in Sri Lanka and the remittances received on behalf of account holders of other banks in Sri Lanka will be disbursed via. Sri Lanka Interbank Payment system (SLIPS) with the same day value subject to cut off timings for processing of the payments. One of the important features of this facility is the availability of online tracking system to trace the status of a transaction from the point of initiation up to the point of payment to the beneficiary.

    ICICI Bank has been one of the leading players in the Indian remittance market and its proprietary online portal, Money2India.com has proven to be a breakthrough in mobilizing remittances into the Indian market. The Money2India.com product goes beyond the traditional offerings in the banking sector by saving significant costs associated with traditional money transfer methods. The service is currently trusted by thousands of Non Resident Indian users for making their money transfers from any bank in 15 geographies to any account with over 100 banks in India. For the first time the same robust platform that has been tested for over a decade is being offered outside of India and extended to Sri Lanka.

    About ICICI Bank: ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in India, with consolidated total assets of $120 billion at March 31, 2011. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's global presence currently spans across 19 countries, including India.

    About Sampath Bank: Sampath Bank, with 188 branches currently in Sri Lanka, has set the trend in modern day banking with the use of their cutting edge technology and product innovations. The bank has shown rapid expansion during the recent years and has been adjudged "The Banker of the Year 2010" by the Financial Times - London for the second consecutive year.

    Except for the historical information contained herein, statements in this document which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

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    For Press Queries:
    Charudatta Deshpande,
    Head Corporate Communications,
    ICICI Bank Limited,
    Bandra Kurla Complex,
    Mumbai - 400051.
    E-mail: charudatta.deshpande ( @ ) icicibank dot com

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