Sampath Bank simplifies cash management for businesses with Visa Business Debit Card

Sampath Bank recently announced the launch of Sri Lanka’s first Visa powered business debit card linked to a corporate account – the Sampath Bank Visa Business Debit Card – to help businesses of all sizes gain more control over their expenses.

The Bank’s business customers will now be able to move away from cash and provide separate Debit Cards to their employees for day-to-day expenditure. They can set monthly transaction limits to each individual card and link the cards to their preferred company account with Sampath Bank. The chosen account will be directly debited each time an employee makes a payment using the card. Businesses can consolidate all spending information using the detailed electronic reports it offers and simplify their payments, bookkeeping, reporting and monitoring processes.

Offering greater convenience and security, this new business debit card from Sampath Bank is set to encourage more businesses to go digital with their expenses, in line with the Government and the Central Bank of Sri Lanka’s efforts to drive the adoption of cashless payments in the country.

Commenting on this, Tharaka Ranwala, Senior Deputy General Manager – Operations and Group Chief Marketing Officer, Sampath Bank PLC, said, “We are delighted to help businesses of all sizes go digital with their daily expenses with the launch of the Sampath Bank Visa Business Debit Card. Moving away from cumbersome cash transactions, businesses can now provide staff members with individual debit cards to be used for company expenses. The cards are linked to the customers’ preferred Sampath Bank accounts which get debited every time a transaction is made using these cards. We look forward to seeing our business customers experience the convenience and security offered by this solution to simplify their cash flow management as well as accounting, reporting and monitoring.”

The Sampath Bank Visa Business Debit Card joins an extensive suite of corporate cash management solutions offered by Sampath Bank aimed at helping businesses around the island manage their cash flows more efficiently, reduce processing costs and save time.

Sampath Bank’s Vishwa Corporate online banking portal enables universal financial supply chain management through responsive web interfaces, customizable formats and web services that directly link the customer’s corporate ERP system to the banking system.

Business customers can make fund transfers, bulk payments and payments through mobile phones such as payments on identification through the mobile cash solution of the Sampath Vishwa Corporate online banking portal. They can schedule payments using the portal’s pre-established payment templates, execute real-time payments to the Sri Lanka Ports Authority, Sri Lanka Customs, etc. as well as pay staff salaries and make EPF and ETF payments. They can also manage all their trade service (exports / imports) functions online.

The Bank’s experienced IT Team offers customers invaluable advice and shares their insights. They also work closely with customers to evaluates their business’ unique needs and develop tailormade solutions to suit them.

The Bank also offers Cash and Cheque Collection services to help customers manage their retail and inter branch collections and deliveries as well as cash transport requirements. Sampath Bank’s electronic delivery channels, payment gateways and QR based payments, offer a range of fund collection options that allow business customers to optimize their cash flow and collect funds to a centralized collection account.

Business customers can also utilize Sampath Bank’s wide range of Investment Portfolio Management services including cash sweeping, cash pooling and short-term money market investment options to invest their idle cash. Consolidating their collection accounts, they can make informed decisions, optimize their cashflows and invest in a range of treasury management products.

Sampath Bank’s Cheque Printing and Distribution Services help businesses reduce operational complexities, risks and costs by outsourcing their cheque printing requirements and maintain full control of their cheque payments. The Bank will manage the printing of cheques as well as distribution to the customer’s clients, suppliers and vendors.

Sampath Bank is a 100% local bank that has deeply rooted itself in the lives of the people of Sri Lanka. Established in 1987, the bank has become a state-of-the-art financial institution that continues to be a market leader today thanks to its constant innovation and customer focused approach to business. It has introduced many firsts to the Sri Lankan banking sector including introducing ATMs to Sri Lanka, extended banking hours and slip-less banking to name a few. The Bank continues to steadily transform itself into a technology-driven financial services provider while upholding our traditions and values.