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Senkadagala Finance PLC is the newest participant of the Sri Lanka Interbank Payment System (SLIPS), joining hands with LankaClear – the national payment infrastructure solution provider. SLIPS is an Electronic Fund Transfer system which facilitates the movement of funds from one account to another without the necessity of corresponding papers. 

With this partnership, Senkadagala Finance and its customers can now avail this service when transacting with customers of more than 30 banks and financial institutions that have signed with the SLIPS system. LankaClear revolutionised the speed and efficiency of the interbank fund transfers with the introduction of the same day (T+0) electronic fund transfers with SLIPS, another first in the South Asian region. The company’s General Manager and CEO Sunimal Weerasooriya, avers that through this partnership Senkadagala Finance would be able to add significant value to its customer base and service offering, through enhanced speed of transaction via a secure platform.

“SLIPS form an important link in Sri Lanka’s accelerated path to development. What we are doing effectively empowers the ease and speed of doing business, which would greatly benefit Sri Lankan enterprises and the general public as they transact seamlessly.  We are extremely pleased to welcome Senkadagala Finance aboard the SLIPS System and as we welcome more and more financial institutions on to the platform, Sri Lanka is getting closer to transacting the future,” Weerasooriya said.

At present, SLIPS support transactions up to the value of Rs. 5 million per transaction, with two clearing and settlement sessions per business day. By using SLIPS companies incur lesser administration costs and gain better control over payment realisation dates, on-time recovery of collections and enhanced levels of security resulting in increased profitability.

Senkadagala Fina-nce PLC Additional CEO, Sanath Bandaranayake remarked: “It gives us immense pleasure to enter into a partnership with LankaClear, and we are proud to be amongst the financial institutions to advent into the future of transactions. Our company has forged a reputation of strength and integrity over four decades of existence, and this venture will serve as a clear indication of our intent to embrace new technology solutions that will redefine and further strengthen our service and value to customers.”

Since its inception in Kandy in 1968, Senkadagala Finance PLC has grown into one of the larger licensed deposit-taking institutions with an island wide presence of 60 branches. The company has received a BBB+ (lka) rating from Fitch Ratings demonstrating its strength and stable outlook. LankaClear recently launched the Common ATM Switch (CAS) under the brand name LankaPay, which allows customers of one bank to transact using an ATM of another at convenience and at a nominal fee. LankaPay CAS is a precursor to the launch of the Common Card and Payment Switch (CCAPS), an integrated payment system of multiple domestic payment networks. The system is designed to become the backbone infrastructure for all future electronic transactions, which will facilitate seamless connectivity coupled with online real time payments. CCAPS is implemented under the purview and guidance of the Central Bank of Sri Lanka. With all Sri Lankan Banks and Financial Service Providers expected to join the platform in the near future, the service offerings will greatly benefit bank customers and corporates as this would facilitate integrated, efficient and cost effective payment transactions which is crucial to sustain the rapid economic development of the country.

LankaClear Ltd., one of the country’s most successful public-private partnerships, is Sri Lanka’s national payment infrastructure provider. The company is jointly owned by the Central Bank of Sri Lanka and all Commercial Banks. LankaClear’s product offering include the Cheque Imaging Truncation System (CITS), Sri Lanka Inter-Bank Payments System (SLIPS), LankaPay Common ATM Switch and LankaSign Certification Service Provider among several other payment system infrastructure offerings.

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