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LankaClear celebrates a decade of excellence Ten years in the life of an organisation is worth celebrating when there are achievements to boast about. On this basis LankaClear can indeed celebrate its 10th anniversary in grand style.

LankaClear, as the national payment infrastructure provider has done Sri Lanka proud by being ahead of even most western nations, when it comes to providing infrastructure to Sri Lanka's payment industry.

Having commenced operations in 2002 as a private - public partnership formed with the initiative of Central Bank of Sri Lanka, tasked with carrying out the responsibility of the cheque clearing function on behalf of Central Bank of Sri Lanka, in 2006 LankaClear launched the Cheque Imaging and Truncation System, more commonly known in the banking circles as CITS, which enable Sri Lankans to realize good value for cheques on a T + 1 basis irrespective of the geographical location of the origin of the cheque. At that time Sri Lanka was the 1st South Asian country and only the 2nd in the world to introduce this system country wide and continues to be ahead of many western countries on this score.

Along with the cheque clearing function Central Bank also entrusted LankaClear with the operation of the Sri Lanka Interbank Payment System (SLIPS), which is an electronic payment system that enables customers to transfer funds electronically on a T + 0 basis. Since taking over this function several improvements have been introduced at various stages and this system is widely used as a fast, reliable and secure mode for transfer of funds electronically.

Clearing of US Dollar cheques/drafts issued by Commercial Banks in Sri Lanka and payable to Sri Lankans or US Dollar drafts issued abroad drawn on commercial banks in Sri Lanka and clearing of Rupee Drafts are two other clearing services provided by LankaClear. LankaClear also launched the first Certification Authority (CA) for the Financial Sector of Sri Lanka under the brand name LankaSign in May 2009 to ensure that financial transaction data of the payment systems operated by LankaClear can be transferred online in a highly secure environment.

The developments and improvements introduced by LankaClear over the past decade have enabled Banks in Sri Lanka to provide more efficient and value added services to their customers and the Sri Lankan public has immensely benefitted from these improvements to the payments infrastructure.

While taking pride in their achievements during the past 10 years LankaClear did not forget their customers or employees. At a cocktail reception held recently to celebrate the 10th anniversary, several Banks received awards based on their performance.

The employees too were hosted to dinner in a celebration that saw the talents of employees rewarded.

While celebrating the past achievements, in a futuristic move LankaClear is now gearing to launch a Common Card and Payment Switch that will enable Sri Lankans to carryout card based transactions through a domestic switch at a lesser cost.

LankaClear takes this opportunity to thank all its stakeholders whose support have been invaluable in the decade that has gone by and look forward to their continued support and cooperation in the future as well. While achieving many a milestone during the past 10 years, which is pleasing, LankaClear is ready to help transact your future.

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