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.
The app was launched to commemorate International Migrant Day which was celebrated on December 18. The mobile app which could be downloaded for both iOS and Android operating systems, serves as an information app and connects both the remitter and sender for interactions about the tracking of remittance.
‘ComBank RemitPlus’ could 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 could 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 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 could enhance the level of service offered to this important segment and also attract more customers, due to its convenience.” ‘ComBank RemitPlus’ would also serve as a tool that encourages partners to remit via Commercial Bank, due to information and details provided to all stakeholders.
The Bank said that 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 could benefit from ‘Remittance App,’ the Bank said. In 2003, the 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.
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