Union Bank is enhancing its digital banking services for businesses by launching a streamlined virtual deposit card aimed at facilitating bulk deposits via Cash Deposit Machines (CDMs). This new tool is tailored for a wide range of business entities, including large corporations, small and medium-sized enterprises (SMEs), and individual proprietors who frequently handle substantial cash deposits at any time of the day. The initiative provides a secure and effective method for managing high-volume cash deposit transactions with greater ease and oversight.

Understanding the reliance of many businesses on trusted representatives, the virtual deposit card allows business owners to appoint their agents to conduct deposits on their behalf, enabling the bank to recognize the individuals making the deposits. The service does not require a physical card, which supports multiple deposits of up to 200 notes per transaction.

Manisha Fernando, Vice President of Digital Banking, stated, “Union Bank prioritizes a digital-first approach, emphasizing security, control, and adherence to regulations. All authorized representatives are registered for the virtual deposit card following a thorough Know Your Customer (KYC) process. This allows designated agents and nominees to deposit funds directly into the customer’s specified accounts through any Union Bank CDM at their convenience, simply using their mobile devices. Moreover, customers have the flexibility to add or remove agents easily, while the bank ensures the identification of the depositors. We believe this service will significantly enhance the efficiency of managing high-volume deposits and minimize transaction delays.”

Image Caption: Manisha Fernando, Vice President – Digital Banking

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