ICICI Bank today launched an online money remittance product called Money2SriLanka, which facilitates cross-border money transfer facility. ICICI partnered with Sampath Bank, which has 188 branches in Sri Lanka, for this product.
Money2SriLanka or M2SL, is a web-based online remittance platform which facilitates the sending of remittances from various geographies to beneficiaries in Sri Lanka. 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.
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. The remittances received on behalf of account holders of other banks in Sri Lanka will be disbursed via Sri Lanka Interbank Payment system (SLIPS).
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.