Lanka Business Online

Commercial Bank adds crosscurrency transactions to Online Banking


The Commercial Bank of Ceylon has added a new dimension to its Online Banking platform by enabling foreign currency account holders to carry out fund transfers between accounts maintained in different  currencies other than Sri Lankan rupees.

These transactions can be carried out between accounts maintained under a customers own namein eight major currencies including the US Dollar, British Pound, Euro, Australian Dollar and Japanese Yen, the Bank said. This facility would be available 24/7, 365 days of the year.

Users of Commercial Bank’s Online Banking portal already enjoy access to an extensive range of services linked to their Rupee accounts.

Besides standard services such as checking balances of theircurrent, savings, investment, loan, and credit card accounts, transfering funds between own accounts and to registered third parties who have Commercial Bank accounts on a real-time basis around the clock, they can  apply for  Fixed Deposits, Personal Loans and Housing Loans, invest in Treasury Bills and effect payments for share trading.

TheOnline Banking service also supports bill payments to more than 36 entities in nine categories such as Telephone, Electricity, Water, Credit Cards, Insurance, Pay TV, Education,Sports and Recreation and Rates.

“The versatility of our Online Banking facility continues to grow as we look at maximising its potential to enhance convenience for our customers,” Commercial Bank’s Chief Manager e Banking – Mr. Pradeep Banduwansa said. “Enabling cross  currency transactions on the platform is a huge advancement, and one that will be welcomed by an important customer segment to which anytime-anywhere banking is of great value.”

Based on a leading technology framework, Commercial Bank’s Online Banking service offers exceptionally user-friendly menus, and benchmark security and encryption features.

The site also offers news blogs, foreign exchange rates, and a locater for Commercial Bank’s Holiday Banking, 365-day Banking,Extended Banking, and Supermarket Banking centers.

The Bank’s website enjoys one of the higher ratings amongst popular search engines, and is the most popular bank website in Sri Lankaannually averaging over 1,000,000 searches on Google. About 75% of the visitors are local, while the others are from countries such as Australia, the UK, and UAE.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years, Commercial Bank operates a network of 250 branches and 626 ATMs in Sri Lanka, the largest electronic cash dispensing facility owned by a single bank in the country. Commercial Bank has won multiple awards as Sri Lanka’s Best Bank, Best Trade Bank, Strongest Bank, Most Respected Bank from a number of local and international institutions and publications over several years. The Bank has also been adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce for several years.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 outlets and Myanmar, where it has a Representative Office in Yangon. The Bank will open a fully-fledged Tier I Bank in the Republic of Maldives in 2016. The Bank also recently received a license to operate a fully owned Money Transfer Operation in Italy.

(press release)

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