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'LankaClear' - The National Payment Network Operator Records Solid Growth in 2013/14 Colombo, Monday 1st September 2014: Sri Lanka’s nationalpayment infrastructure provider, LankaClear (Private) Limited, held its Annual General Meeting on Friday, 29th August 2014 at Hotel Galadari, Colombo. The Company, which is jointly owned by the Central Bank of Sri Lanka and all licensed commercial banks operating in the country, recorded a 8.2% growth in revenue in the financial year 2013/14achieving the highest ever revenue figure ofRs. 463 million. Despite the pressure on costs due to the implementation of the Common Card & Payment Switch project during the year, the company managed to maintain the PAT steady with only a marginal decline of 1.1% compared to the previous financial year recording a PAT of Rs. 187 million. The company’s Net Assets per Share increased to Rs. 71.98 from Rs. 61.41 of previous year.
 
Since its beginning as theSri Lanka Automated Clearing House, LankaClear has paved the way for a digital future  with seamless electronic payments.

During the year under review, the company cleared 48.3 million cheques through its inventiveCheque Imaging and Truncation System (CITS) where the total value of cheques cleared was Rs. 7,228 billion, whilst  thevalue of transactions through Sri Lanka Inter-Bank Payments System (SLIPS)  recorded a mammoth Rs. 744 billion – an encouraging  growth of 21%. Cash withdrawals from ATMs powered byLankaPay’s Common ATM Switch also recorded an impressive average month-on-month growth of 8.4%during the period of review where1.3 million cash withdrawals were facilitated over a period of 8 months through the LankaPay Common ATM Network with a total value Rs. 6.7 billion being disbursed through the network.

LankaPay serves as an integral pillar of the banking and financial services sector of Sri Lanka, providing safe, secure and affordable seamless payment services to businesses and individuals alike. The company’s vision for ‘financial inclusion’ sets the trends for its innovations, as LankaPay’s digital solutions are accessible to all segments driving towards a paper-less society, delivering cost-efficiencies all round.

LankaClear’s Chairperson, Ms Priyantha Liyanage, says; “Worldwide, the banking and financial services industry is now moving away from cash driven branch based banking towards cashless payment channels like POS, online shopping and online banking in order to increase efficiencies.  Payment card volumes are also growing rapidly, which trend we are witnessing in Sri Lanka too.  In this journey, payment infrastructure providers have to play a significant role.   LankaClear which was established in 2002 to perform one of the statutory functions of Central Bank of Sri Lanka has in leaps and bounds become the giant in the electronic payment domain in Sri Lanka.

With the objective of promoting nation-wide non-cash retail payment systems, the Common Card and Payment Switch is currently being implemented with the guidance of the Central Bank of Sri Lanka.  In the meantime, LankaClear aims to establish the interoperability among payment networks of Middle Eastern and Asian countries and also route inward remittances through the national channel, adhering to international standards and best practices.  With a passionate and dedicated team, we are certain that LankaClear will continue to be the driving force behind the revolution towards a cashless payment regime in Sri Lanka.”

LankaClear’s General Manager and Chief Executive Officer, Sunimal Weerasooriya, says; “The significant growth in SLIPS transaction volumes are testimony to the increasing awareness and confidence placed on electronic payments in Sri Lanka, as both businesses and individuals take advantage of the empowerment we have delivered. This rapid upward movement strengthens our confidence in the success of the‘LankaPay’  network  and the forthcoming innovations that will take us towards real-time electronic payments on the go, further redefining how Sri Lankans transact. We are immensely proud of our performance during the year, and the efficiencies LankaClear has delivered to Users, whilst placing Sri Lanka on the regional financial services map with a number of innovative firsts. We will continue our push as a strategic national development  partner.”

LankaClear is now in the process of introducing Real Time Electronic Payments, Mobile Payments, POS Paymentsand a National Card Scheme as part ofits Common Card and Payments Switch implementation, which will serve as significant value additions to the payments infrastructure in the country. 

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