SAMPATH BANK – EMPOWERING CONSUMERS THROUGH DIGITAL INNOVATION

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THE EVOLUTION OF TECHNOLOGY IS DISRUPTING THE BANKING SECTOR, accelerating its rate of change to meet growing customer expectations. With the emergence of this new digital era, banks are fast embracing innovation as a part of their DNA. Largely and positively impacted by advances in technology is the payments landscape, which has today become one of the most dynamic areas of innovation in the industry.

Harnessing the power of technology, Sampath Bank set out on a journey of innovation-led banking when tech was yet in its infancy. Today, the bank offers customers both in retail and corporate, convenience and cost efficiency through a range of innovative banking solutions.

Dushyantha Dassanayake, Chief Manager of Electronic Delivery Channels, talks to Echelon magazine on how Sampath Vishwa Corporate has changed the financial services landscape in the country.

Sampath Vishwa has made banking more efficient and convenient for today’s retail customer, but how does this help corporates?

In today’s competitive business world, convenience and cost efficiency are two key drivers for success. The new generation of customers demand this and businesses need to be able to fulfil this need. With Sampath Vishwa Corporate, we have simplified and made the banking function more efficient for businesses, cutting out the age-old traditions of a brick and mortar concept. Today, using Sampath Vishwa, corporates can carry out almost all business transactions online. They would physically need to visit the bank only for more complex matters like obtaining loans.

SAMPATH VISHWA CORPORATE ENABLES ONLINE LC OPENING, WHICH IS THE FIRST FOR A LOCAL BANK

Tell us more about what Sampath Vishwa has to offer corporates.

Sampath Vishwa Corporate enables fund transfer management between own and third-party accounts, payment management and trade services. These are key components of any business. As an end-to-end financial supply chain management solution, Sampath Vishwa Corporate has a range of features that facilitate real-time convenience for customers. It connects with SAP or any other industry standard ERP system through backward integration, with SAP sending push notifications to Vishwa Corporate when financial payments to suppliers are required. Fund transfers can be in the form of mobile cash, single or bulk fund transfers, and real-time other bank fund transfers. On the payments side, in addition to utility payments, the ability to make online real-time SLPA Customs payments, and EPF/ETF & payroll management is key for improving business efficiency.

Facilitating trade services, Sampath Vishwa Corporate enables online LC opening, which is the first for a local bank. In addition to the usual day-to-day operational needs of a business, it also provides online import/export bill settlements, while ensuring the system’s security levels are on par with international standards.

Providing end-to-end financial management is the ethos of Sampath Vishwa Corporate. The bank has continued to be ahead in the digital banking space, and today, carries out an impressive 33% of the country’s electronic transactions.