Tempo Money Transfer strengthens positions in Sri Lanka. Collaboration with Sampath Bank has commenced

International money transfer system Tempo Money Transfer (TMT) strengthened it position in Sri Lanka. The France-based remittance service provider has successfully completed an integration project with the Colombo-headquartered financial institution, Sampath Bank. Clients are now able to send money from over 70 TMT agent locations in Germany and France and receive the funds in branches throughout Sri Lanka. The total number of the branches exceeds 200 island-wide.

Thus, with the project's successful completion, the number of Tempo Money Transfer locations in the country has soared to nearly 400, in 25 regional districts and 9 provinces of the country. The bank already works in partnership with Seylan Bank.

The project gives clients access to a multi-product spectrum of services including not only the pay-out option and account-crediting in Sampath Bank but also account crediting in the country’s commercial banks through SLIPS (Sri Lanka Interbank Payment System).

Very competitive foreign currency exchange rates are available.

“Accordingly, the Bank has taken major revolutionary steps to make remittance withdrawal facilities available for beneficiaries around the clock, so that senders and beneficiaries can send and receive money at their will without confining to Banking hours, unhindered by cross-border time differences. With the latest E - Remittance to Mobile Cash facility, customers can receive a transaction pin number to their mobile phones and withdraw from ATM machines without an ATM card, using the PIN number received to their mobile, subject to a pre registration of the beneficiary with the bank,” said Mr Kusal De Silva, head of remittances at Sampath Bank. He also pointed out that with the project's further development, the bank expects to increase its client portfolio, given the position Tempo Money Transfer occupies in the remittances market of the EU.

TMT’s president Mr. Jeffrey Phaneuf said the Paris-headquartered company has ambitious plans in Asia. “We are dedicated to reaching extensive location coverage, broad spectrum of options and excellent quality service, we will provide our clients with. It gives the joint venture great perspective, and makes the project a significant event in the Sri Lankan money transfer segment.” He also added that the demand for quality remittance services is growing in the country in particular and in Asia in general.

Mr. Phaneuf reported that Tempo Money Transfer is now present in over 100 countries, has over 4,300 locations in India, nearly 2,000 locations in Pakistan, and close to 6,000 locations in the Philippines. The number of its locations in Nepal exceeds 1,800.