ICICI Bank, one of India’s private sector banks has partnered SriLanka’s Sampath Bank to launch Money2SriLanka(M2SL), an online remittance tracking service, to facilitate remittances from various countries to beneficiaries in Sri Lanka. The service will be initially piloted inCanada and the United Kingdom and will be rolled out in Australia, USA, South East Asia and the Euro Zone in the second phase.
The M2SL service will enable users to track the status of a transaction from the point of initiation of the money transfer, in any geography where the service is being offered, up to the point of payment to the beneficiary. The service involves a one time online registration.
Remittance received will be available to account holders of ICICI Bank Sri Lanka and Sampath Bank instantly on the day of receipt of funds in Sri Lanka. For account holders of other banks, the remittance will be disbursed via Sri Lanka Interbank Payment system (SLIPS). ICICI Bank also runs Money2India.com, an online tracking service for money transfers to India. The bank says that M2SL is based on the same platform.
Last year, Western Union and State Bank of India had announced a cross border mobile money transfer service in India. Although, many of these pilots are announced, there have been very few commercial deployments.