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LankaClear wins Bronze Award for its Annual Report
Sri Lanka's catalyst of the payment industry, LankaClear, was awarded Bronze for its Annual Report in the Service category. The recognition was made by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) at the 48th Annual Reports Awards Presentation, at a glittering ceremony held at the Water's Edge, Battaramulla on 5th December.

The award by the CA Sri Lanka follows hard on the heels of two awards for compliance in 2009 and 2011 and recognizes the presentation which contains information not only on the performance of the Company but also its activities in discharging its duties as a responsible corporate citizen.
  LankaClear, one of the highly successful public - private partnerships in the country is run as a private enterprise, yet keeps its focus on the responsibility it has towards the nation and the general public. In 2006, it revolutionised the cheque clearing function facilitating T+1 clearing for the entire island making Sri Lanka the second country in the world to implement a nationwide cheque imaging and truncation system.

Whilst Banks have provided many payment services to their customers, the CIT system of cheque clearing introduced in 2006 and the Electronic Fund Transfer system - the Sri Lanka Inter-bank Payment System or SLIPS as it is commonly known, for which LankaClear provides the infrastructure, has been the backbone of the Banks' payment services to their customers in providing an efficient service in cheque payments and electronic fund transfers.

Using the economies of scale, and continuous improvements in technology and processes have resulted in improvements in efficiency for the company and enabled it to provide its payment infrastructure services to the Banks continuously at a low cost whilst improving the quality of services provided every year.

Continuing to be in the forefront of the development of payment systems that benefit the Banks and their customers, LankaClear has now embarked on its newest project to establish a Common Card And Payment Switch (CCAPS) that would facilitate cost effective and efficient card based and other electronic payments, initiating online real time payments in Sri Lanka. It would also enable Sri Lanka to save valuable foreign exchange through the facilitation of local clearing and settlement for local transactions. The CCAPS would encompass a Common ATM Switch, a Common Mobile Payments Switch, an EFT Switch and a Common POS Switch of which the Common ATM Switch is already under implementation and has now reached the bank testing stage.

It is in this background that LankaClear effectively captured the significant progress made over the last 10 years and its ambitious future plans in the Annual Report for 2011/12 under the theme "From a Decade of Excellence to a Vibrant Future", which was awarded Bronze in the Service category.

The CA Sri Lanka Award was received by Ms. Rasika Wickremanayake on behalf of LankaClear.

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