LOLC Finance empowers customers with CEFTS

LOLC Finance PLC is now connected to the Common Electronic Fund Transfer Switch (CEFTS), creating a superior level of convenience for customers. LOLC Finance is one of the first Non-Banking Financial Institutions to register with the system.

CEFTS is a cost effective, convenient, integrated electronic payment gateway operated by LankaClear (Pvt) Ltd under the guidance of the Central Bank. 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 and 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 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 on the number of transactions per day.

The seamless electronic payment system can be used for fund transfers and settlement of bills and utility payments. Managing Director and Chief Executive Officer, LOLC Finance, Brindley de Zylva said, “CEFTS has changed the concept of banking.

“This initiative will add significant value for us especially in terms of new products and services.

“With this latest technological initiative, LOLC Finance is now equipped to offer customers an unparalleled level of service and banking convenience.”