Business News Update: The Commercial Bank of Ceylon has launched ‘ComBank RemitPlus’ – a Remittance App to enable those who use the Bank’s remittance services to conveniently access remittance-related information and services.
This app was launched to commemorate International Migrant Day which was celebrated on 18th December 2019.
The mobile app which can be downloaded for both iOS and Android operating systems serves as an information app and connects both the remitter and the sender for interactions about the tracking of the remittance.
‘ComBank RemitPlus’ can also be used to check interest rates of deposits and foreign exchange rates, enables users to locate remittance partners, the closest Commercial Bank branch, and even Business Promotion Officers (BPOs) attached to the remittance services network.
Furthermore, users can contact Commercial Bank via the app in addition to receiving information related to contact details of Sri Lankan diplomatic missions overseas, as well as details of promotions and offers relevant to this segment.
Commenting on the launch of the app, Commercial Bank’s Head of Digital Banking Unit Mr Pradeep Banduwansa said: “In recent years, remittances from Sri Lankans employed overseas have exceeded earnings from tea and garment exports, and have helped offset some of the trade deficits. There are over 2 million Sri Lankans – almost 10% of the population – employed overseas, and migrants’ remittances are one of the main sources of foreign exchange earnings and national income.By providing all services related to remittances via this new app, the Bank believes it can enhance the level of service offered to this important segment, and also attract more customers, thanks to its convenience.”
‘ComBank RemitPlus’ will also serve as a tool that encourages partners to remit via Commercial Bank due to the information and details provided to all stakeholders.
The Bank said it is optimistic that this tool could be further enhanced to initiate remittances in the long run by partnering with a global player and integrating its systems to ‘ComBank RemitPlus.’
Remitters in the overseas market, beneficiaries in Sri Lanka, remittance partners, and all prospective clients can benefit from ‘Remittance App,’ the Bank said.
In 2003, Commercial Bank pioneered the sophisticated and simple web-based money transfer system “ComBank e-Exchange” which, in comparison to the conventional methods such as drafts and telegraphic transfers, is a secure, faster and a cheaper way of remitting money. In 2016 the Bank also launched Sri Lanka’s first Remittance Card that eliminates the need to visit a branch of the bank to collect remitted funds, and simplifies the process of transferring funds from overseas to local beneficiaries. Commercial Bank also made available a Remittance Tracker online, that provides real time updates on the status of remittances, once the customer reference is entered.
Commercial Bank is one of the most active players in Sri Lanka in the field of remittances. One of the Bank’s key strengths is its island-wide network of 267 branches, many of which remain open on public, bank and mercantile holidays, and its network of 856 ATMs, which is the largest automated cash dispensing system owned by a single private bank in Sri Lanka. Recipients of remittances sent to the Bank enjoy many benefits such as over 65 Holiday Banking Centres and supermarket counters, a dedicated customer support call centre for remittances and SMS alerts facilities once the remittance is received and is ready to be paid out.
The only Sri Lankan Bank to be ranked among the world’s top 1000 banks for nine years consecutively, Commercial Bank won over 40 international and local awards in 2018, has received more than 30 awards to date this year, and been ranked among the 10 Most Admired Companies in Sri Lanka in 2019.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay PyiTaw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.