LankaClear commemorates five years of CITS
LankaClear, Sri Lanka's National Clearing House celebrated the fifth
anniversary of the launch of the Cheque Imaging and Truncation System -
Chairperson LankaClear Priyantha
Liyanage, Governor of the Central Bank Ajith Nivard Cabraal
and CEO of LankaClear Sunimal Weerasooriya at the CITS fifth
CITS was introduced in May 2006, making Sri Lanka the first country
in the South Asian region and the second in the world to install the
highly progressive and state-of-the-art clearing system.
CITS replaced the physical movement of cheques with electronic
information flowing throughout the clearing cycle enhancing the security
and efficiency of the clearing process, enabling banks to achieve next
day clearing and cheque realisation as well as extending customer
deadlines for cheque deposits for T+1 clearing.
Owned by the Central Bank of Sri Lanka and all commercial banks,
LankaClear is a public-private partnership.
The company has brought economies of scale to the banking industry by
combining the efficiency and dynamism of the private sector with the
stability and security characterised by the public sector.
LankaClear's product portfolio includes the Sri Lanka Interbank
Payment System (SLIPS) which is an online interbank electronic fund
transfer enabling the same day transfer of funds in a highly secure
The introduction of the US Dollar Clearing System has significantly
expedited the realisation of US Dollar cheques and drafts.
The company addressed the need for security in online transactions by
incorporating a Certification Authority, shouldering the responsibility
to provide digital security certificates for the financial sector
eliminating the prohibitive dollar cost to banks of obtaining
certification from foreign providers.