Sri Lankan Remittance Gateway System

Abstract

Presently there is close to 10 million Sri Lankans who are residing outside Sri Lanka. An equal number of Sri Lankans are employed in foreign countries. Every year it has been estimated that these people are sending remittances that worth close to 10 billion to Sri Lanka.

Apart from the traditional methods such as bank drafts there are number of service providers who promise a faster ways in which money can be transferred. Some of these service providers are Western Union, Speed Cash and Fast Cash.

This proposal suggests a solution that can eliminate the high charges for money transfer service goes to non-Sri Lankan bodies, faced by Sri Lankans who wants to transfer money to Sri Lanka. The solution is called the “Sri Lankan Remittance Gateway (SLRG)”. A Sri Lankan bank will own this and that bank will be selling the service to financial organizations around the world. These organizations can in turn sell this service to the customers in their countries who want to send money to Sri Lanka.

The SLRG will be developed as a fast, and a secure system. The architecture of the system SLRG would consist of four sub systems: 1. Web Front The web service will be available here. 2. Control Front The remittance control center will use this. 3. Net Front Various bank branches that wish to use the service will be using this. 4. System Front Interfaces SLRG with the core banking system.

This proposed solution will be the new revolution in the money transferring industry and will be the first Truly Sri Lankan online Money transferring solution, which will be affordable to use and secure enough to keep confidence.