The Cheque Imaging and Truncation System (CITS) for cheque clearing was introduced in May 2006. This revolutionized the cheque clearing system in Sri Lanka in terms of time taken for a cheque to be cleared irrespective of where it was issued within the country. The term T+ 1 is now synonymous with cheque clearing on account of the introduction of this system.
Sri Lanka achieved a unique status in the payment and settlement arena with the introduction of CITS by becoming the only country in the whole of the South Asian region to have this system and was only 2nd in the world to achieve this milestone. It is a fact that T+ 1 clearing is a status that even some developed nations are yet to achieve.
Sri Lanka Inter Bank Payment System or SLIPS as it is commonly known enabled electronic fund transfers on T+ 1 basis. The enhancement to SLIPS launched in September 2010 is another milestone, in the annals of LankaClear's history. This enhancement enables transfer of funds within the same day (or T+ 0) in a highly secure environment and is another first for the South Asian region.
A new era of payments dawned with the Launch of ‘LankaPay’ national payment network. This network will be the backbone of all future payments in the country. With two years into operations, ‘LankaPay’ has already paved the way for the largest Common ATM network in Sri Lanka connecting over 2700 ATM’s.
LankaPay CEFTS commenced on 20th August 2015 as a Second phase of the Common Card & Payment Switch (CCAPS) under the flagship brand of LankaPay, LankaPay CEFTS has been initiated to revolutionize fund transfer to a level where bank customers are able to perform on-line real-time fund transfers with ease. LankaPay member bank customers are now able to enjoy fund transfers through many different channels such as Internet Banking, ATM, Mobile Banking and over the counter with secure access at all participating banks at the most affordable rates. Lanka Pay CEFTS network allows bank customers to perform Transfers fast and efficiently as previous transfer methods were dependent on variables which consumers could not control.