ComBank introduces card-to-card fund transfers for first time in SL

Commercial Bank team with Visa and Mastercard management teams. From left: Commercial Bank Chief Manager Card Centre Nishantha De Silva, Chief Operating Officer S. Prabagar, Mastercard Country Manager for Sri Lanka and Maldives Sandun Hapugoda, Commercial Bank Managing Director/CEO  Sanath Manatunge, Visa Country Manager for Sri Lanka and Maldives Avanthi Colombage, Commercial Bank DGM Retail Banking & Marketing Hasrath Munasinghe, and Senior Manager at Commercial Bank Card Centre Seevali Wickramasinghe

The Commercial Bank of Ceylon has announced the enabling of ‘Visa Direct’ and ‘Mastercard Send’ card-based fund transfer facilities for the first time in Sri Lanka. 

With this latest digital initiative of Commercial Bank,Visa and Mastercard Debit and Prepaid cardholders can transfer funds to any locally-issued Visa and Mastercard Debit, Credit or Prepaid card through Commercial Bank’s ATMs,CRMs  and Q+ Payment App. 

The transfer of funds can be facilitated by just giving the card number and the amount, thus creating a new era of convenient, two-step fund transfers in the country, the bank said.

When customers transfer funds through the bank’s ATM or CRM machines, a ComBank Debit or Prepaid card can be used as the sender’s card and the customer is required to type the recipient card number in the ATM screen along with the amount to be transferred. The source of funds could be funds in savings or current accounts attached to the sender’s ComBank Debit or 
Prepaid Card. 

These transactions are processed through the Visa and Mastercard networks ensuring security and smooth transmission of funds between banks. Through the Q+ PaymentApp, customers can simply enter the 16-digit card number of the recipient and make the payment, the bank said. 

Q+ Payment App is Commercial Bank’s card-based payment app that can be used to effect day-to-day payments such as merchant payments, bill payments and 
fund transfers.

Commenting on this development, Commercial Bank’s Deputy General Manager Retail Banking and Marketing Hasrath Munasinghe said, “For customers, these ground-breaking innovations represent a huge enhancement of functionality and convenience.

This latest fund transfer platform of Commercial Bank with the globally-accepted Visa Direct and Mastercard Send services can be upgraded to facilitate businesses, government institutes,  corporates and merchants to do fund disbursements for various purposes, such as salary payments, supplier payments and merchant refunds to customers. Our goal is to constantly push the boundaries of customer service and experience through innovative products and services.”

Avanthi Colombage, Country Manager – Sri Lanka and Maldives, Visa said, “We are excited to partner with Commercial Bank and to deliver the next generation of money movement solutions – Person-to-Person fund transfers. 

Accessible via all customer-facing channels of Commercial Bank, we are confident that our P2P fund transfer service will give the Bank’s Visa cardholders the simplicity, speed and transparency they expect when sending money digitally across Sri Lanka. Another noteworthy feature is that this facility runs on VisaNet and therefore can utilise all of its latest capabilities, including those of security and fraud prevention. ‘Visa Direct’ offers worldwide reach to billions of endpoints, with real-time payment solutions. It empowers end users, businesses, and clients to move money both locally and globally.”

Sandun Hapugoda, Country Manager - Sri Lanka & Maldives at Mastercard said, “Mastercard would like to congratulate Commercial Bank for taking such a significant step towards simplifying the process of transferring funds. The FinTech and Banking Industry of Sri Lanka will certainly benefit from moves such as this, and hopefully other banks in the country will also take a step in this direction.” 

‘Mastercard Send’ is the fund transfer system of Mastercard that can reach virtually all debit card accounts locally and internationally.  By using a 16-digit card number, cardholders can send and receive funds typically within seconds. The platform makes digital payments effortless and can integrate with services that millions already use. For businesses and governments, it can drive efficiencies and cost savings.