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Lanka Clear to launch Common Payment Switch soon



Sarath De Silva

Lanka Clear (Pvt) Ltd will implement the Sri Lanka Common Payment Switch in the near future, said chairman, Sarath De Silva.

In the first phase it would link all commercial banks through a common switch facilitating online real time transactions. A RFP was issued in March and the contract will be awarded shortly.

He said the company foresees the Common Payment Switch to be the foundation for banks to innovate cost effective online payment solutions for their customers.

Lanka Clear is also looking forward to the migration of all banks to direct connectivity mode which would facilitate T+1 cheque clearing throughout the island which would further enhance the efficiency of the cheque payments.

De Silva said that the company would coontinue to be a catalyst and would play a lead role in introducing state of the art technology and system to facilitate efficient payment and settlement systems for the banking community.

Lanka Clear (Pvt) Ltd, a limited liability private company was incorporated in Sri Lanka on February 8, 2002. We commenced operations on April 1, 2002 with a primary purpose of providing cheque clearing facilities to commercial banks on behalf of the Central Bank of Sri Lanka. The other services that Lanka Clear offers are US Dollar Cheque Clearing, Sri Lanka Rupee Draft Clearing and Sri Lanka Inter Bank Payment System (SLIPS). SG

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