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Background  
 

High hopes and tall aspirations come easily to Ceylinco Consolidated, one of Sri Lanka's oldest and largest business Conglomerates. The group's founder, Senator Justin Kotelawala's ambition to build the tallest building in Colombo, led to the opening of Ceylinco House in 1961, the city's first high-rise.

This spirit of innovation, coupled with the yearning to grow bigger and better has remained the hallmark of Ceylinco Consolidated, which now includes over 110 subsidiaries and associate companies, covering diverse sectors such as banking, insurance and financial services, real estate, diamonds, jewellery, tourism and IT.

Ceylinco Consolidated has one of the largest privately-owned real estate stockholdings in the country.

Ceylinco's progress has echoed the country's needs. Just as Ceylinco House was a monument to the country's entrepreneurial spirit and freedom from colonial shackles, Ceylinco Consolidated has become synonymous with caring and social responsibility. Ceylinco marches forth into the new millennium to improve and expand its activities, in line with its mission of "providing protection and financial security of the highest quality to society".
   
 
 
Deshamanya Dr.Lalith Kotelawala
Chairman - Ceylinco Consolidated
 
About Ceylinco FastCash
  Ceylinco Express Remittance Pte. Ltd, (CER) was incorporated to establish a technology based global money transfer system facilitating two way "Person to Person" money transfer service across the globe. CER is a member company of Ceylinco Consolidated , the largest business group in Sri Lanka with its international headquarters based in Singapore. CER positioned its product brand as "Ceylinco FastCash" (CFC) and launched its services in October 2006.
Technology Platform
  The entire IT infrastructure of the remittance system is hosted in Singapore taking advantage of the superior ICT capability available in the country. The system provides for very "high level" uptime meeting the standard industry norms with a sophisticated disaster recovery plan implemented in Singapore. The system is developed as a web enabled thin-client system with network connectivity provided via the internet. This means that the system can be accessible using standard office PC's with a reliable internet connection making the product one of the most easily deployable products for remittance services in the market that requires no additional investment from the Principal Agent. The system security is maintained at the highest possible levels using 128-Bit SSL Protocol and the data is transmitted in encrypted format. In addition, the application has also built in dual user login control to minimize any un-authorized transactions by the potential users.

The system was developed by NCS Pte Ltd (NCS), one of the largest software houses in Singapore and a subsidiary of SingTel. The application was developed as a scalable product to take advantage of the rapid technology transformation. The system is integrated to the SingTel mobile network to provide two way text messaging facility enabling the system to generate text messages between the remitter and the beneficiary advising each party the details of the transaction & the status at no additional cost.
Product Features
  CFC is a multi corridor "person to person" money transfer system. This means that any two persons connected through a network of appointed agents from any part of the world could send or receive money between them. This is very important for the Principal Agent who can serve different community segments from the same infrastructure compared to services offered under "point to point" correspondent arrangements. The advanced technology features such as the automatic text messaging service and the instant retrieving of information on a real-time basis makes CFC one of the most technologically advanced products in the market. The product also has the capability to combine multiple beneficiaries under one transaction making it a very cost effective solution to the customer. As an example, a remitter can remit money for the consumption of family members as well as settlement of an installment of a mortgage loan, combined as one transaction. This is a unique feature hitherto not available in any competing brands.

CFC is also positioned as a service beyond money remittance. Unlike many other remittance products, CFC has attached a number of value added products & services to its brand. These include;
 
  • Home Loans to the remitter (currently available to Sri Lankan corridor)
  • Emergency medical care services to beneficiary or family members of the remitter (currently available to Sri Lankan corridor)
  • Cash to home delivery service to the beneficiary(currently available to Sri Lankan corridor)
  • Cash to credit of Bank accounts
  • Cash to credit of VISA cards (currently available to Sri Lankan corridor)
  • Free messaging service to remitter & receiver confirming transaction
  • Quarterly prize draws totaling to USD 20,000/-
  • Registration to a "Loyalty Member" program
  These value added products & services not only benefit the remitter & the beneficiary, they also provide opportunities for network partners/agents to cross sell their products & services. These services will also increase the average value of the remittance, which will provide for higher income capability to both the Agent & the Franchise owner.

Registration to the loyalty member program known as the "Wish Card"allows the system to maintain a central database of the senders & beneficiaries. This not only fulfill the Know Your Customer (KYC) requirement but will also increase the turnaround time of a transaction since there is no need to key in repetitive information to effect a remittance. Accessing the database by keying the loyalty card number will increase the productivity of the Agents staff. The historical information for credit evaluation & the lucky draw are extracted from this database.
Settlement Procedure & Risk Management
  Unlike most competing brands, CER has adopted a different settlement procedure to mitigate any counterparty risks in settlement. The CFC settlement procedure has encompassed a licensed commercial bank as the global settlement cum custodian bank in settling the funds due from one agent to the other. Seylan Bank which has acquired this responsibility has created a firewall between information flow & the funds flow and has also eliminated any risks on CER if it were to be the settlement agent.

This is another unique feature of the CFC remittance service where "end to end", the flow of money is channeled through bodies regulated by a Financial Services Authority.
   
 
   
 
 
 

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