NDB enhances security & convenience to Sri Lankans sending money home

National Development Bank PLC (NDB) today announced its partnership with HomeSend, a joint venture between Mastercard, eServGlobal and BICS, to offer greater security and convenience to millions of Sri Lankans sending money home from abroad. Connecting NDB’s state-of-the-art e-Remittance service to the HomeSend Hub, this agreement will allow consumers to credit funds directly to a beneficiary’s bank account at NDB through a wide network of remittance services around the world. With this new service, an estimated 3 million Sri Lankans will benefit directly from the enhanced security and convenience with remittances.

“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,” said Raj Aboobucker, Vice President – Institutional Banking of NDB

Stephen Doyle, CEO, HomeSend 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.”

This service has been made available since early July from markets across Europe and will launched across other markets from North America, Middle East and Asia Pacific through the rest of the year. According to data from the World Bank last year the total value of remittances to Sri Lanka was estimated at US$ 7 billion, with more than half of that amount originating out of the Middle East, followed by Europe and North America as the next key remittance markets.

NDB E-Remittances is one of NDB’s most obtained services across its network. It enables inward remittances from countries such as United Kingdom, Australia, Italy and UAE to their home country within minutes of origination of transactions via an automated straight through process without any hassle and with a guaranteed security. NDB E-Remittance facilitates payment of cash and credit beneficiary accounts within its network of 103 branches and to other bank accounts. (Media Release)