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LB Finance signs up with LankaClear to Become SLIPS participant LB Finance PLC, the company with the largest public deposit base among the non-bank financial institutions in Sri Lanka, recently entered into an agreement with LankaClear to become a participant of the Sri Lanka Interbank Payment System (SLIPS).
SLIPS, is an online interbank Electronic Fund Transfer (EFT) system which enables the movements of funds from one bank account to another without the corresponding piece of paper.

Efficient Credit/Debit Facilities
The crediting and debiting of accounts can now be done efficiently and accurately without the necessity of writing cheques, pay orders or vouchers. The moving of electronic records rather than paper enables payments to be processed more efficiently with several advanced security features as well as audit trails.
LB Finance customers will now be able to enjoy benefits such as same day realization of funds up to Rs. 5 million per transaction as the system speeds up the process by using electronic records instead of paper transactions.
LB Finance will also be able to perform reliable and secure transactions to its valued customers by becoming a SLIPS participant which provides connectivity to the LB savings accounts within the Sri Lankan e-payment spectrum.

LB Finance Managing Director Sumith Adhihetty said: “Partnering with LankaClear for SLIPS will provide the much needed fund transfer flexibility to our LB Savings product. This will make our high yielding savings account accessible to employees/employers alike to transfer salaries with same day realisation benefit.
“LB savings customers will now be able to enjoy the high interest rates without having worry about the timely inward and outward payments using their savings accounts. This will also boost the company’s efforts to popularize savings deposits among its customer base and will complement our plans to aggressively grow the company’s savings deposit base.”

Better Placed
LankaClear CEO Sunimal Weerasooriya said: “We are pleased to have LB Finance as a Secondary Participant in SLIPS and believe that LB Finance would now be better placed to provide a complete array of value added services to its valued customers with the many features provided through SLIPS. LankaClear has been continuously improving the SLIPS System to bring more efficiency, reliability, security and features to the system.”

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