Subscribe

Sri Lanka's first Common ATM Switch, 'Lanka Pay' launched

2013-07-24 03:25:58
0
10828

Lanka Pay, Sri Lanka’s first Common ATM Switch connecting Bank of Ceylon and People’s Bank ATM networks was launched yesterday.

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.


  Comments - 0

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
Name is required

Email is required
Comment cannot be empty

Okonomiyaki AtIkoiTei Grilled As You Like

Friday, 17 August 2018 15:48
0
666

Hilton Colombo’s Japanese restaurant IkoiTeilocated at the Dutch Hospital Shopping Precinct is


British Council honours stakeholders at IELTS Awards Night 2018

Friday, 17 August 2018 09:53
0
639

The British Council in Sri Lanka held its IELTS Awards Night on Tuesday, 14August at Kings Court, Ci


SLAITO AGM celebrates milestones achieved during 2017/18

Thursday, 16 August 2018 16:42
0
756

The 38th Annual General Meeting (AGM) of The Sri Lanka Association of Inbound Tour Operators (SLAITO


More News