LankaClear's inception can be traced to the former Sri Lanka Automated Clearing House (SLACH) owned by the Central Bank of Sri Lanka (CBSL). In 2002 the CBSL took a policy decision to divest the activities of the SLACH and together with all licensed commercial banks operating in Sri Lanka, CBSL took shares to launch LankaClear (Pvt) Ltd.

The Company was incorporated on 8th February 2002 and commenced operations on the 1st of April in the same year.

Chairmen of the Past
Mr. R B Ekanayake - Founder Chairman
Mr. A Sarath de Silva - from May 2004 to May 2010
Mrs. Priyantha Liyanage - from May 2010 to May 2015

The Company introduced the US Dollar Clearing System on 1st October 2002.

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 a nationwide Cheque Imaging & Truncation System and was the 2nd in the world to achieve this milestone. It is a fact that T+1 cheque 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 in the South Asian region for retail bulk payment transactions.