Taking yet another important stride towards enabling faster and reliable real-time electronic payment, LOLC Finance PLC is now connected to the Common Electronic Fund Transfer Switch (CEFTS), creating a superior level of convenience to its customers. LOLC Finance becomes one of the first Non-Banking Financial Institutions to register with this system. CEFTS is a cost-effective, convenient, integrated electronic payment gateway operated by LankaClear (Pvt) Ltd with the guidance of the Central Bank of Sri Lanka.
The system facilitates secure real-time payments, offers standardised security and provides greater efficiency in payment scheme integration. LOLC Finance customers can now transfer funds between the CEFTS member banks such as Bank of Ceylon, People’s Bank, Commercial Bank, Hatton National Bank as well as Commercial Leasing Company PLC, a company within the LOLC group. Through this payment system, LOLC Finance customers can save time and benefit from the effective management of their finances.
Customers can simply register with the Online Banking Service of LOLC Finance and avail the benefits of this payment gateway that offers maximum banking convenience. Savings Account holders of LOLC Finance can execute cashless and paperless transactions with just a click of a button. The maximum value of a transaction is Rs. 5 million with no limitation of the number of transactions per day. The seamless electronic payment system can be used for fund transfers and settlement of bills and utility payments.
Sharing his thoughts on this latest initiative, LOLC Finance, Managing Director/Chief Executive Officer, Brindley de Zylva said, “CEFTS has changed the concept of Banking. This initiative will add significant value for us especially in terms of introducing new products and services. With this latest technological initiative, LOLC Finance is now equipped more than ever before to offer our customers an unparalleled level of service and banking convenience.”