Sri Lanka-based National Development Bank (NDB) has collaborated with HomeSend, a joint venture between MasterCard, eServGlobal and BICS, to connect its customers to broader network of money transfer services.
The partnership will allow consumers to transfer funds directly to a beneficiary’s bank account at NDB through a wide network of remittance services around the world.
According to MasterCard, the remittance service will benefit about three million Sri Lankan consumers from the enhanced security and convenience with remittances.
NDB vice president of institutional banking Raj Aboobucker said: “In line with our vision of being a driving force for a financially empowered Sri Lanka, our partnership with HomeSend is part of our commitment to enhancing our service offerings and offering greater value to our customers.
“Given the extensive network of remittance services connected to the HomeSend Hub, this will effectively extend the reach of our e-Remittance service and allow millions of Sri Lankan’s living abroad to remit funds directly and safely to their loved ones’ bank accounts at NDB or any other bank accounts in Sri Lanka.”
HomeSend CEO Stephen Doyle said: “Playing a significant role in Sri Lanka’s economy, foreign remittances are a key source of income for countless families around the island. The ability to safely send money electronically within a day, would have a substantial positive impact to both individual beneficiaries and the economy at large.
“Serving as this critical link, our partnership with NDB will offer any Sri Lankan customer a safe and convenient means of receiving funds from family abroad directly to their bank account in Sri Lanka.”
The service, which has been made available since early July from markets across Europe, will be offered across other markets from North America, Middle East and Asia Pacific through the rest of the year.