Cargills Bank has announced the introduction of an enhanced payment processing system through Common Electronic Fund Trasfers (CEFT). The launch was partnered by MMBL Money Transfer Pvt Ltd, a Joint venture with Aitken Spence PLC and Mercantile Merchant Bank Limited and a main representative of global remittance giant Western Union. The system will facilitate processing of thousands of inter-bank payments without manual intervention. The solution will enable MMBL Money Transfer Pvt Ltd to transfer funds in real time electronically at minimum cost to their agents.
Palan Rajanadan AGM Corporate Banking -Cargills Bank said “We are pleased to be linked to the CEFT transfer system and our optimization will significantly benefit our corporate customers to make immediate transfers at any time safely and securely. This initiative will help deliver integrated, efficient and cost effective solutions to our corporate customers.” He further emphasized that such payment systems are a critical component of the modern digital economy that drives the usage of electronic payment systems and supports the management of finances effectively.
CEFT enables customers to experience instant, real-time fund transfers between Cargills Bank accounts and accounts of other participating banks. This allows for fast and efficient fund transfers that are cost effective, convenient and integrated into the Bank’s electronic payment network. Funds up to the value of Rupees Five Million can be transferred on a real-time basis through the system, using the digital banking platform of Cargills Bank. This initiative follows the launch of CEFT at Cargills Bank, at the time the 6th Bank in the country to adopt the transfer system, allowing customers to transact in a cost effective manner.
Cargills Bank being the newest entrant to the banking domain in Sri Lanka is expanding its digital ready infrastructure to reach out and increase convenience to its customer. At present the bank consists of 11 branches island-wide with the head office based in Kollupitiya.