The new system, developed by national payment infrastructure provider, Lanka Clear (Pvt) Ltd, allows for account holders of either bank to check account balances and withdraw funds at a minimal cost, effectively creating a common ATM network between the two banks.
The first transactions on the switch were carried out by Governor of the Central Bank of Sri Lanka, Ajith Nivard Cabraal and Deputy Governor, Ananda Silva.
Commenting on the development of Lanka Pay, Cabraal urged all Sri Lankan banks to join the common system in order to promote improved common access to financial systems for Sri Lankans island-wide.
“The goal that we must strive towards is to ensure that each of the 3,000 ATMs in Sri Lanka are available to any customer in any part of the island. We must look to achieve this result in the next few months and the end of 2013 at the latest.
While each bank has sought to operate within a specific area in the past and competition is certainly a good thing, we must also ensure an enhanced level of service to all customers,” Cabraal stated.
He added that local banks must also work towards improving the range of services offered online in order to cater to an international client base.
The second phase of Lanka Pay’s development will see the incorporation of real time fund transfers between accounts in different banks according to Lanka Clear Chair person Priyantha Liyanage.
“Our goal is to create a single platform and eventually generate financial infrastructure that is on par with systems currently in place within the world’s most developed economies. The implementation of Lanka Pay is the first step in this direction,” Liyanage stated.
She added that other financial institutions have already commenced testing and certification with Lanka Clear in order to join the common switch, ultimately creating a single ATM network within the country."
The Chairperson of LankaClear, Mrs Priyantha Liyanage in her address stated:
“From speedy cheque clearing to the Sri Lanka Interbank Payment System, we have pioneered secure and efficient payment infrastructure. In everything we do, we work with the ultimate aim of serving the general public and all our stake holders with the utmost excellence. Today, we go beyond that. When asking the general public how far they would go to withdraw money, everyone has a different story. We have one. One that will serve the general public of Sri Lanka with the utmost excellence, offering convenience, security and financial strength. In a time of post war development, our motherland is once again coming together for a better tomorrow. In the recent past Sri Lanka has shown its pride and unity on many occasions and in many ways. LankaClear embodies this spirit by riding on the spirit of convergence both in culture and technology with what we present to you today.”
The Common Card and Payment Switch (CCAPS) is an integrated payment system of multiple domestic payment networks such as the Common ATM Switch (CAS), Common POS Switch (CPS), Common Electronic Fund Transfer Switch (CEFTS) and Common Mobile Switch (CMobS). The LankaPay CAS went live with Bank of Ceylon and People’s Bank joining as the first members of the LankaPay CAS. Several other Financial Institutions have already commenced the testing and certification process with LankaClear to join the common switch and it is expected that all Banks will join the switch in the coming months, creating the single largest ATM Network in the country, which would be an immense benefit to the ATM users of the country.
As of today, LankaPay - CAS connects the ATM networks of Bank of Ceylon and People’s Bank, which consists of over 900 ATMs enabling their account holders to transact using the other bank’s ATM at a very minimal cost. Customers of every bank that joins the LankaPay - CAS Switch subsequently, will be able to conduct transactions using the ATMs of any other bank connected to the LankaPay CAS at a very minimal cost.
The Chairman of the Bank of Ceylon, President’s Counsel Rasik Zarook said that “this project has wider prospects for customers to access common ATMs spread islandwide to carry out their transactions with utmost convenience at a nominal charge. BOC being the No.1 Bank in Sri Lanka is one of the driving forces which made this project a success” and the Peoples Bank Chairman, Mr. Gamini Senarath stated that “today we are very happy to be a partner with LankaClear (Private) Limited, jointly owned by the Central Bank of Sri Lanka and the Licensed Commercial Banks in Sri Lanka in launching the “National ATM Switch” under the guidance of National payment Council of Central Bank Sri Lanka. While providing the best benefit for all our valued customers, I believe that this project will lead to create the backbone infrastructure for all future electronic payments in the country which will facilitate rapid economic activity through faster payments by integration of future financial services. People’s Bank being the Bank of the Nation with the widest coverage and customer base in the country is happy to be in the forefront in this endeavour. I congratulate all the team players who made this possible and wish the project a success!”
CCAPS, which is a national initiative implemented under the guidance of the Central Bank and with the collaboration of all banks incorporates international best practices and will bring greater convenience, security and cost efficiency to retail electronic payments in Sri Lanka, and most importantly will enable the participating banks to innovate new payment products to cater to their customer needs.
The full implementation of CCAPS will be a “game changer” that will benefit all participating financial institutions and as a result the general public will accrue the benefits of more efficient and cost effective electronic payment products.
About LankaClear (Pvt) Ltd
LankaClear is one of the most successful public-private partnerships in the country. Since 2002, following the divestment of the Sri Lanka Automated Clearing House (SLACH), the company has consistently brought economies of scale to the banking industry by combining the efficiency and dynamism of the private sector with the stability and security characterized by the public sector.
Administering a product portfolio centred around, services to the banking industry, LankaClear offers a multitude of services designed to facilitate efficient payments. These include the Cheque Imaging and Truncation System (CITS), which facilitates the realization of a cheque the next day irrespective of where it is deposited and the Sri Lanka Interbank Payment System (SLIPS) which is an online interbank electronic fund transfer system enabling the same day transfer of funds in a highly secured environment. The introduction of the US Dollar Clearing System has significantly expedited the realization of US Dollar cheques & drafts, bringing tangible benefits to customers while significantly improving banking efficiency.
In addition, the company addressed the paramount need for utmost security of online transactions by incorporating the LankaSign Certification Authority, shouldering the responsibility to provide digital security certificate for the financial sector.
Through such services, LankaClear continues to exercise its mandate and reinforce its position as the nation’s premier provider of payment systems infrastructure by transferring the benefits of strategic investment and modernization to the banking industry and general public alike.
For further information and clarifications please contact:
Mr. Harsha Wanigatunga
Deputy General Manager - IT and Operations
LankaClear (Pvt) Ltd.
Level 18, BOC Head Office,
Bank of Ceylon Mawatha
Tel: 011-2356960 (Direct Line) / 077 7263150 (Mobile)
Joining Sri Lanka’s Largest Common ATM Network, The government owned premier Development Bank, the Regional Development Bank introduced yet another service which enables its customers to enjoy island wide access at over 2600 ATMs connected on the "LankaPay" network.
The "LankaPay"Common ATM 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.
RDB is the first LankaPay member institution to connect with the national payment network via the LankaPay hosted solution, which consists of the Shared ATM Switch (SAS) and the Card Management System (CMS) with state-of-the-art technology.
Commenting at the launching ceremony RDB Bank’s General Manager /CEO T.A. Ariyapala said "All our 267 branches are now inter connected with a modern core banking system and therefore a customer of RDB could transact with any branch of RDB irrespective of where he has opened his account. By joining LankaPay system the bank has provided opportunity to RDB customers to make withdrawals from over 2600 ATMs island-wide connected to LankaPay system.RDB will be installing 25 more ATMs very soon to provide more access to people.The existing and proposed RDB ATMs are not restricted to RDB customers, but any ATM card holder of a member bank of LankaPay could also patronage RDB ATMs for withdrawing money irrespective of the bank he maintains his account and we will continue to assess the needs of our customers and continue to provide solutions for them using electronic banking".
LankaClear’s General Manager/CEO, Sunimal Weerasooriya added "we are delighted to have RDB connected to the LankaPay network. As the national payment infrastructure provider driving financial inclusion, we are committed to assist all financial institutions to connect to the national switch in all possible domains, thus permeating the benefits of electronic payments to every segment of our society and our partnership with RDB is another giant step towards this goal."
The new ATM’s provide easy access for RDB customers to carry out their day – to – day banking transactions in the convenience of their neighborhood.
The bank has achieved exceptional milestones in recent years by achieving rapid growth and currently holds over Rs. 100 Bn in assets.