Sri Lanka Interbank US Dollar On-line Payment System / Overview
Sri Lanka Interbank US Dollar On-line Payment System is an online interbank fund transfer system. It is used to carry out interbank US Dollar payments by digitally signed files through LankaClear. LankaClear routes transactions from the originating bank to the receiving bank. Further LankaClear creates a settlement file to update the participating Banks’ accounts at the settlement bank.

Sri Lanka Interbank US Dollar On-line Payment System went live on 22nd July 2015 with the participation of seven licensed commercial banks in Sri Lanka. Some other banks are already in the process of participating to the system.

Sri Lanka Interbank US Dollar Payment System offer following benefits to banks and its customers.
  • Lower per transaction cost for Banks and Customers.
  • Significant reduction of correspondent bank charges result in curtailing foreign exchange flowing out of Sri Lanka.
  • Enhanced turnaround time and prompt in-time zone settlement.
  • Greater Convenience to Banks.
  • Increase greater efficiency in small value commercial transactions.
  • Less Administrative hassle for banks.