The strongest and the most technologically advanced bank in Sri Lanka, Hatton National Bank (HNB), has accrued 15% year-over-year growth in the number of digital remittance transactions it facilitates, the bank has said, adding that it is using RippleNet blockchain facility for some of its transactions.
HNB made the revelation in its latest rapid report on digital remittance. The bank noted that it saw a rapid increase in digital remittance transactions, contributing to the 10% YoY growth it recorded on cardless withdrawals in the last 3 months across its ATM network. HNB said the cardless transactions can be traced to East Asian and Middle East countries.
Also the fifth-largest bank in the country, Hatton confirmed it is a member of the RippleNet network and uses the blockchain technology to solve numerous transaction problems. HNB said the RippleNet blockchain technology has helped it offer enterprise customers continuous international transactions despite the pandemic cases across the world.
The bank said with the help of RippleNet and some of its other self-developed tools, it strives to offer its customers across the world nonstop services. HNB boast of seven international representatives in the Middle East and Europe.
The Deputy General Manager for Retail and SME Banking at HNB, Sanjay Wijemanne, said a large number of Sri Lankans who live and work abroad continue to send money home to support their friends and family as the COVID-19 pandemic lasts.
Sanjay noted that HNB is using the cardless withdrawal means to meet the urgent need of customers during this period as they require quick availability of funds locally. This heightened the number of transactions the bank performed in recent times.
Sanjay furthered that the cease caused by the pandemic is challenging, however, digital remittance services have helped cushion the difficulties customers face, thus increasing their trust in digital remittance platform and carldless transactions.
The cardless withdrawals deployed by HNB for HNB Cash Xpress transactions helped people execute transactions at convenient and speedy rate as the facility is available through to the banks’ global network of partners via its application. This allows people to transfer money back home without any hassle.
Hatton National Bank was rated the strongest bank in 2019 at The Asian Banker 500 (AB500) Strongest Banks event organized by Balance Sheet in combination with the yearly SWIFT’s SIBOS event in London, United Kingdom. The report served as the most complete annual assessment by Balance Sheet, rating Hatton National Bank as the largest in Sri Lanka.
HNB was also rated by Euromoney Magazine as the best bank in Sri Lanka in 2019 for the third time. Similarly, in a report, the International Chamber of Commerce in Sri Lanka and the Chartered Institute of Management Accountants (CIMA) placed Hatton National Bank among the ‘Top 10 Most Admired Companies in Sri Lanka.’