Union Bank is advancing its digital banking solutions for businesses by launching a streamlined virtual deposit card aimed at facilitating bulk deposits via Cash Deposit Machines (CDMs). This innovative service caters to a wide range of business entities, including large corporations, small and medium-sized enterprises (SMEs), and individual proprietors, all of whom frequently handle significant cash deposits at any time throughout the day.

The virtual deposit card provides a safe and efficient mechanism for managing bulk cash deposit transactions, offering business owners enhanced control over their operations. Understanding the importance of trusted representatives in business, this solution allows owners to designate agents who can make deposits on their behalf, ensuring the bank can easily identify the depositors involved. Notably, the service eliminates the need for a physical card, enabling multiple deposits of up to 200 banknotes in a single transaction.

Manisha Fernando, Vice President of Digital Banking, stated, “With our digital-first strategy, Union Bank prioritizes security, regulatory compliance, and control. All authorized agents associated with the virtual deposit card must undergo a thorough Know Your Customer (KYC) process before being registered. This system allows registered agents to deposit funds directly into the designated accounts of customers at any Union Bank CDM, using just their mobile devices. Furthermore, customers can effortlessly add or remove agents whenever necessary, while the bank maintains the capability to track depositors. We are confident that this service will enable businesses to handle high-volume deposits more efficiently and significantly minimize transaction delays.”

Picture Caption: Manisha Fernando, Vice President – Digital Banking

Source: Financial Chronicle Biz English | Sri Lanka Business News.