Cargills Bank has announced the introduction of an enhanced payment processing system through Common Electronic Fund Trasfers (CEFT). The launch was partnered by MMBL Money Transfer Pvt Ltd, a Joint venture with Aitken Spence PLC and Mercantile Merchant Bank Limited and a main representative of global remittance giant Western Union. The system will facilitate processing of thousands of inter-bank payments without manual intervention. The solution will enable MMBL Money Transfer Pvt Ltd to transfer funds in real time electronically at minimum cost to their agents. Cargills Bank Limited is fast expanding their corporate customer base and innovative solutions like this will provide real financial benefits whilst minimizing administrative workload for Corporate customers.
Mr. Palan Rajanadan AGM Corporate Banking – Cargills Bank said “We are pleased to be linked to the CEFT transfer system and our optimization will significantly benefit our corporate customers to make immediate transfers at any time safely and securely. This initiative will help deliver integrated, efficient and cost effective solutions to our corporate customers.” He further emphasized that such payment systems are a critical component of the modern digital economy that drives the usage of electronic payment systems and supports the management of finances effectively.
Mr. Harsha Wanigatunga, DGM – IT & Operations & Project Director – CCAPS of LankaClear said “Cargills Bank being a participant of CEFTS brings in tremendous value to their customers by means of convenience via real-time payments where the beneficiary receives funds in a fraction of a second. This benefit is even more augmented for their customers by remittances being integrated with this real-time payment system via Cargills Bank”
CEFT enables customers to experience instant, real-time fund transfers between Cargills Bank accounts and accounts of other participating banks. This allows for fast and efficient fund transfers that are cost effective, convenient and integrated into the Bank’s electronic payment network. Funds up to the value of Rupees Five Million can be transferred on a real-time basis through the system, using the digital banking platform of Cargills Bank. This initiative follows the launch of CEFT at Cargills Bank, at the time the 6th Bank in the country to adopt the transfer system, allowing customers to transact in a cost effective manner.
As Sri Lanka’s largest operator for Western Union, MMBL contributes greatly to the success potential of the CEFT initiative through its 2,700 payout locations across the island. The speed of transacting funds to MMBL’s business partners is critical for satisfying customers who receive remittances and as such, the platform will enable MMBL to effect payments with improved speed and efficiency.
“As a pioneering corporate entity that has played an active role in the local industry for many years, delivering higher value to our partners is integral to our commitment to our stakeholders. We have always been welcoming of innovation and we are happy to embrace this initiative in the same spirit,” commented Mr. Dinesh Mendis, Director Aitken Spence Group Ltd and Managing Director – MMBL.
Cargills Bank is a fully fledged commercial bank providing value propositions to all its customer segments. As a Bank that is customer driven, Cargills Bank maintains a strong commitment towards empowering individuals and organizations towards the optimization of their financial goals – supported by a dedicated staff, a strong portfolio of products and sound technology to deliver on its unique promise of ‘Banking on the Human Spirit’ which takes them beyond the standard concept of banking.
Cargills Bank being the newest entrant to the banking domain in Sri Lanka is expanding its digital ready infrastructure to reach out and increase convenience to its customer. At present the bank consists of 11 branches island-wide with the head office based in Kollupitiya.