HNB remittance reports rapid increase in digital remittances

HNB PLC has reported a smooth transition to contactless remittance transactions parallel to rising demand for digital remittances and cardless withdrawals during the coronavirus lockdown.

The bank recorded a 15% Year-on-Year (YoY) increase in digital remittances and a 10% YoY increase in cardless withdrawals across its extensive ATM network over the past three months primarily sourced from West Asia and East Asian nations, it said in a media release.

“While foreign remittances have reduced in the wake of the COVID pandemic, many Sri Lankans continue to live and work overseas while remitting money to support their loved ones back home. In many instances, the pandemic heightened the urgency for customers to ensure funds were available locally. In order to ensure their safety during this process, numerous customers had turned to cardless withdrawals,” HNB Deputy General Manager- Retail and SME Banking, Sanjay Wijemanne said.

During the lockdown, HNB promoted cardless withdrawals for HNB Cash Xpress transactions to facilitate speedy and convenient completion of transactions. The facility was easily accessible to Lankan expatriates, via mobile apps of HNB’s extensive global network of partners, to transfer funds to their loved ones back home without the danger of entering a bank, it said.

“Similarly, the HNB RippleNet blockchain facility enabled enterprises to continue international transactions. Armed with the most extensive overseas correspondent banking network in Sri Lanka, HNB strived to ensure uninterrupted service to its loyal customer base,” the statement said.