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NDB Collaborates with HomeSend to Widen Reach of Remittance Offering

04 November 2016 Press Releases

Connects NDB e-Remittance Customers to Broader Global Network of Remittance Services

COLOMBO, SRI LANKA – November 3, 2016 – National Development Bank PLC (NDB) today announced its partnership with HomeSend, a joint venture between Mastercard, eServGlobal and BICS, to offer greater security and convenience to millions of Sri Lankans sending money home from abroad. Connecting NDB’s state-of-the-art e-Remittance service to the HomeSend Hub, this agreement will allow consumers to credit funds directly to a beneficiary’s bank account at NDB through a wide network of remittance services around the world. With this new service, an estimated 3 million Sri Lankans will benefit directly from the enhanced security and convenience with remittances.

“In line with our vision of being a driving force for a financially empowered Sri Lanka, our partnership with HomeSend is part of our commitment to enhancing our service offerings and offering greater value to our customers. Given the extensive network of remittance services connected to the HomeSend Hub, this will effectively extend the reach of our e-Remittance service and allow millions of Sri Lankan’s living abroad to remit funds directly to their loved ones’ bank accounts at NDB,” said Raj Aboobucker Vice President -Institutional Banking of NDB

Stephen Doyle, CEO, HomeSend said, “Playing a significant role in Sri Lanka’s economy, foreign remittances are a key source of income for countless families around the island. The ability to safely send money electronically within a day, would have a substantial positive impact to both individual beneficiaries and the economy at large. Serving as this critical link, our partnership with NDB will offer any of the bank’s existing customers a safe and convenient means of receiving funds from family abroad directly to their bank account in Sri Lanka.”

Stephen Doyle, CEO, HomeSend said, “Playing a significant role in Sri Lanka’s economy, foreign remittances are a key source of income for countless families around the island. The ability to safely send money electronically within a day, would have a substantial positive impact to both individual beneficiaries and the economy at large. Serving as this critical link, our partnership with NDB will offer any of the bank’s existing customers a safe and convenient means of receiving funds from family abroad directly to their bank account in Sri Lanka.”

This service has been made available since early July from markets across Europe and will launched across other markets from North America, Middle East and Asia Pacific through the rest of the year. According to data from the World Bank[1] last year the total value of remittances to Sri Lanka was estimated at US$ 7 billion, with more than half of that amount originating out of the Middle East, followed by Europe and North America as the next key remittance markets.

NDB E-Remittances is one of NDB’s most obtained services across its network. It enables inward remittances from countries such as United Kingdom, Australia, Italy and UAE to their home country within minutes of origination of transactions via an automated straight through process without any hassle and with a guaranteed security. NDB E-Remittance facilitates payment of cash and credit beneficiary accounts within its network of 103 branches and to other bank accounts.

About NDB Bank

NDB remains dedicated to bringing its customers one step closer to accomplishing their life long ambitions and uplifting their standards of living through the range of financial services that is accessible through its growing branch network. Further details on NDB’s many products can be obtained from its 24 hour Call Centre, by calling 011 244 8888 or by visiting NDB Bank’s website on www.ndbbank.com

About HomeSend

HomeSend is a joint venture created by Mastercard, eServGlobal and BICS that enables B2B cross-border and cross-network value transfers through a single connection. It builds on the successful deployment of mobile enabled person-to-person transfers in emerging markets and the digitalization of money transfer services. The HomeSend service innovatively bridges the gap between finance and telecommunication service providers and enables consumers to send money to and from mobile money accounts, payment cards, bank accounts or cash outlets – regardless of their location or that of the recipient.

Mastercard Media Contact:

Siva Selvaraj, MullenLowe Sri Lanka, +94 773 595 454, siva.s@loweldb.com

 NDB Bank Media Contact:

Amanda Senewiratne , +94 77 4308502

Amanda.Senewiratne@ndbbank.com

[1] World Bank Migration and Remittances Data  – http://www.worldbank.org/en/topic/migrationremittancesdiasporaissues/bri...


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