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.
- MediaNama Daily: Caught red-handed March 25, 2023
- US govt warns businesses of ‘AI deception’, calls for mitigating risks before launching AI products March 24, 2023
- Here’s what TikTok’s CEO said in his U.S. Congressional Committee Hearing March 24, 2023
- Cyberabad police bust a gang selling personal data of 16.8 Crore citizens March 24, 2023
- Explained: What is Namma Yatri app and why is it joining ONDC March 24, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...