Sri Lanka Interbank US Dollar On-line Payment System

Overview

Sri Lanka Interbank US Dollar On-line Payment System is yet another payment product of LankaClear aimed at reducing the foreign exchange outflow being transaction processing fees.

Prior to the introduction of USD Online Clearing System, any domestic interbank US dollar transfer needed to be convened via a NOSTRO account of the corresponding bank in New York. With the introduction of Sri Lanka Interbank US Dollar On-line Payment facility, the domestic USD transactions can now be routed locally, hence the transaction processing fees have come down drastically.

The online clearing facility is much faster and convenient option to USD drafts and Cheques, of which the clearing process too is handled by LankaClear.

Sri Lanka Interbank US Dollar Payment System offer following benefits to banks and its customers.

  • Lower per transaction cost for Banks and Customer
  • Significant reduction of correspondent bank charges result in curtailing foreign exchange flowing out of Sri Lanka
  • Enhanced turnaround time(TAT) and prompt in-time zone settlement
  • Greater Convenience to Banks
  • Increase greater efficiency in small value commercial transactions
  • Less Administrative hassle for banks

Member Banks

  • Amana bank PLC
  • Bank of Ceylon
  • Cargills bank Ltd
  • Commercial Bank of Ceylon PLC
  • Habib Bank Ltd
  • hatton national bank PLC
  • ICICI Bank
  • Indian Bank
  • Indian Overseas Bank
  • Pan Asia Banking Corporation PLC
  • Public Bank
  • Samapth Bank PLC
  • Seylan Bank PLC

Clearing cycle and cut off times

  • Session 1 - 6.00 pm
  • Session 2 - 12.00 noon

Note
The above are the cut off times for member banks & financial institutes.

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