Com­bank joins Rip­ple net for block chain pow­ered re­mit­tances

Daily Mirror (Sri Lanka) - - FINANCE -

The Com­mer­cial Bank of Cey­lon re­cently joined Rip­plenet, a global pay­ments net­work lever­ag­ing Rip­ple’s Blockchain tech­nol­ogy which fa­cil­i­tates both in­ward and reg­u­la­tor-en­abled out­ward blockchain tech­nol­ogy-pow­ered re­mit­tances that are vir­tu­ally in­stant and ex­tra se­cure.

Join­ing Rip­plenet en­sures that re­mit­tances are re­ceived in­stantly with an end-to-end trac­ing and track­ing solution,that the process is trans­par­ent and tam­per-proof, and that re­mit­tances of lower de­nom­i­na­tion­sare vi­able due to the low­er­rates that ap­ply, the bank said.

Rip­ple’s tech­nol­ogy fa­cil­i­tates a sim­pli­fied ex­pe­ri­ence for cus­tomers by of­fer­ing a straight­for­ward re­mit­tances process with the re­moval of mul­ti­ple steps in the reg­u­lar process. Blockchain also pro­vides the abil­ity to move money on real time ba­sis, lead­ing to im­proved pro­duc­tiv­ity.

Ad­di­tion­ally, while tra­di­tional re­mit­tance mea­sures re­quire a third­party that han­dles the au­tho­ri­sa­tion and re­lease of the pay­ment, blockchain re­moves the re­quire­ment for a mid­dle­man. This de­cen­tralised struc­ture is one of the pri­mary rea­sons the re­mit­tance process hap­pens faster and costs less.

No­tably, the Rip­ple’s tech­nol­ogy pos­sesses fea­tures that pre­vent any out­sider ac­cess to pay­ment data and is equipped with an anti-fraud fea­ture that makes it more dif­fi­cult for hack­ers to break into trans­ac­tions.

Rip­ple’s tech­nol­ogy con­nects banks and pay­ment providers en­abling one fric­tion­less ex­pe­ri­ence for send­ing and re­ceiv­ing money glob­ally.

Com­mer­cial Bank is one of the most ac­tive play­ers in Sri Lanka in the field of re­mit­tances, of­fer­ing cus­tomers a range of op­tions in­clud­ing ‘e-ex­change’ which is the bank’s own so­phis­ti­cated real-time on­line money trans­fer ser­vice, and other pop­u­lar re­mit­tance fa­cil­i­ties such as Money­gram, Ria and Ex­press Money. Rip­ple’s tech­nol­ogy will bring in­no­va­tion to fun­da­men­tals of in­ter­na­tional re­mit­tances since the Bank will ap­ply this ser­vice in Sri Lanka and well as to other over­seas mar­ket where it has a pres­ence.

One of the bank’s key strengths is its is­land-wide net­work of 263 branches, many of which re­main open on pub­lic, bank and mer­can­tile hol­i­days, and its net­work of 782 ATMS, which is the largest au­to­mated cash dis­pens­ing sys­tem owned by a sin­gle bank in Sri Lanka. Re­cip­i­ents of re­mit­tances sent to the bank en­joy many ben­e­fits such as over 60 hol­i­day bank­ing cen­tres and su­per mar­ket coun­ters, a ded­i­cated cus­tomer sup­port call cen­tre for re­mit­tances and SMS alerts fa­cil­i­ties once the re­mit­tance is re­ceived and is ready to be paid out.

The only Sri Lankan Bank to be ranked among the world’s top 1000 banks for eight years con­sec­u­tively, Com­mer­cial Bank has won more than 30 in­ter­na­tional and lo­cal awards in 2016 and 2017 and 20 in­ter­na­tional awards in the first eight months of 2018.

Com­mer­cial Bank’s over­seas op­er­a­tions en­com­pass Bangladesh, where the bank op­er­ates 19 out­lets; Myan­mar, where it has a Rep­re­sen­ta­tive Of­fice in Yan­gon and a mi­cro­fi­nance com­pany in Nay Py­itaw; the Mal­dives, where the Bank has a fully-fledged Tier I Bank with a ma­jor­ity stake; and Italy, where the Bank op­er­ates its own money trans­fer ser­vice.

Com­mer­cial Bank Man­ag­ing Di­rec­tor S. Ren­ganathan and Rip­plenet Se­nior Vice Pres­i­dent – Global Sales John Mitchell (third and sec­ond from left re­spec­tively) ex­change the agree­ment in the pres­ence of the bank’s Chief Oper­at­ing Of­fi­cer Sanath Manatunge (third from right) and rep­re­sen­ta­tives of the man­age­ment of the two in­sti­tu­tions

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