Seylan Bank partners with TeleMoney Services, Saudi Arabia

Seylan Bank PLC joined hands with the Arab National Bank (ANB), Saudi Arabia to further expand its remittance services to Sri Lanka. With this tie-up, the Bank will enable thousands of Sri Lankans working in Saudi Arabia to remit funds to their loved ones in real-time, through its money transfer arm TeleMoney.

ANB ranks among the 10 largest banks in the Middle East and it has an extensive distribution network including branches and dedicated TeleMoney remittance centres spanning over the Kingdom of Saudi Arabia (KSA). Our valued foreign employment workforce can now easily access remittance services at any of these institutions. TeleMoney service provides customers with multiple options to execute their transfers in a convenient and simple manner.

Speaking on the occasion Anwar Al Murshed Head of TeleMoney Business/Retail Banking said “This tie-up with Seylan Bank reinforces our commitment to provide Sri Lankans living in KSA with all facilities to remit money to their beneficiaries back home in a quick, seamless and economic manner”.

Commenting on the initiative, Malik Wickramanayake, Deputy General Manager, Operations at Seylan Bank PLC said “Over the years, we have continuously improved our front and back end services to offer functionality rich and improved remittance services. The positive response we received from our service expansion in the Middle East led us to widen our foot print and we are persistently on the lookout for top- money transfer arms in the Middle Eastern countries to further facilitate our remittance services.”

Revolutionising the remittance services further, Seylan Bank has integrated its SeyCash remittance service with Common Electronic Fund Transfer System (CEFT). Therefore, the sender can determine whether they require the recipient to receive the remittance to an account in any bank on an immediate basis using CEFTS or on a batch mode using SLIPS. These systems are highly supported by inbuilt technology that offers fully automated end to end transactions in a hassle-free manner. SeyCash is a fast, secure, convenient and cost-effective method of remittance offered by Seylan Bank that anyone can use to remit funds to any bank in SL in real-time. Remittance services for walk-in customers/non- account holders will be offered across all branches nationwide.

In addition to the remittance services, Seylan Bank’s secure and convenient, Internet Banking and Mobile Banking applications allows customers access to a wide range of Internet Banking services with ease. A step ahead when it comes to providing unmatched services, the Bank has also improved its services to offer a real-time update to beneficiaries via text message service as soon as the funds are received.