Sri Lanka's Commercial Bank has announced that it has upgraded its Xpress Money-partnered remittance offering a new Internet-based option whereby remitters are immediately given a Personal Identity Number (PIN), which can then be passed on to them.
In turn, they could use this PIN to, almost immediately, collect the remittance in question from any of Xpress's 135,000 agents worldwide.
According to the announcement; "At the time of sending money, the sender receives a 16 digit Xpress Personal Identification Code (XPIN) which then needs to be shared with the beneficiary in Sri Lanka.
As soon as the XPIN is given to the remitter, the payment can be collected by the beneficiary from any service point of Commercial Bank... Prior to the integration of systems of the two parties, transactions involving remittances were periodically uploaded to the Commercial Bank system by Xpress Money.
Following the integration of systems, Commercial Bank can extract remittances directly from the Xpress Money system via Web Service which is a secured method of communication over the internet, without any human intervention."
Further added; "Remittances made via Xpress Money can now be received instantly by beneficiaries, without incurring deductions of commissions or charges, from any of Commercial Bank’s 213 service points island-wide, some of which offer 365 day banking services."
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