All Banks and Financial Service Providers Urged to Join the Common ATM Switch.
Seylan Bank customers can now transact for the lowest cost at over 1,200 ATMs island wide, as the ‘Bank with a Heart’ becomes the first major private commercial bank to join the LankaPay Common ATM Switch. The move will bring greater convenience and affordability to over one million Seylan Bank customers as they avail of Sri Lanka’s single largest common ATM network.
LankaPay allows customers of one bank to transact using an ATM of another member bank at convenience and at a nominal fee of Rs. 15/- for a cash withdrawal. The LankaPay network is operated by LankaClear with the approval and guidance of the Central Bank of Sri Lanka, and is the first phase of the Common Card and Payment Switch (CCAPS). 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.
Seylan Bank’s advent to LankaPay will greatly benefit its customers as it facilitates integrated, efficient, secure and cost-effective transactions. The bank’s customers no longer need to purposely visit Seylan ATMs for cash withdrawals and balance inquiries, with Bank of Ceylon, People’s Bank and Union Bank already connected to the network. The full implementation of the CCAPS will allow Seylan Bank customers and other participating banks to effect bill payments and real-time fund transfers via LankaPay ATMs in the future. Seylan Bank’s Senior Deputy General Manager – Mr. Tissa Nanayakkara, says that as a customer-centric organisation, his bank is constantly on the lookout for innovative technology and solutions that deliver greater value to consumers.
“The full implementation of the CCAPS by LankaClear will transform the financial services industry and how consumers and even corporates transact across the board. Seylan Bank’s mission is to provide services that meet our customers’ needs in terms of value, pricing and quality of service, and this new addition is a giant step forward for the bank, consumers and the industry alike. We look forward to welcoming other commercial banks on to this platform, whereby we could deliver greater convenience and financial empowerment to all segments of Sri Lankan society. I invite consumers from Seylan Bank and other member financial institutions to avail of our network of 160+ ATMs, and together with’ The Bank with a Heart’ let us take Sri Lanka into the next generation of transactions,” Nanayakkara avers.
The implementation of the LankaPay - Common ATM Switch is a national development initiative which will greatly support the proposed consolidation of the banking and financial services industry, allowing greater reach, service offering and convenience to customers via a common platform. In addition to driving affordable convenience to users it also offers significant savings in foreign exchange to the country by virtue of every LankaPay ATM transaction being channeled through a total domestic network.
LankaClear’s General Manager and CEO, Sunimal Weerasooriya, remarks: “the LankaPay CAS is a cornerstone in our national payment infrastructure development plan, empowering our public and enterprises to transact seamlessly unlike ever before. The convergence of all banks and financial institutions under LankaPay will pave the way for robust synergies that will position Sri Lanka amongst the most advanced financial services markets in the region. We are happy with the steady progress on the Banks coming on board the LankaPay CAS now bringing the total network of ATMs over 1,200. With a couple of more banks currently going through the testing and certification process we would be adding more ATMs to the network in the coming months. As we welcome Seylan Bank on to the LankaPay CAS network, I urge all Financial Institutions to join us on this progressive platform, to offer greater convenience and financial inclusion to all sectors of Sri Lankan society.”
LankaClear (Pvt) Limited, 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 And 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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