LankaClear

Last updated
LankaClear
Native name
LankaClear (Private) Limited
FormerlyNational Cheque Clearing House
IndustryBanking and finance
FoundedFebruary 8, 2002 (2002-02-08) in Sri Lanka
Area served
Sri Lanka
ServicesLankaPay
Parent CBSL
Website www.lankapay.net

LankaClear (formerly National Cheque Clearing House) is the largest payments infrastructure provider in Sri Lanka. Established in February 2002, the organization is owned by the Central Bank of Sri Lanka (CBSL) and all CBSL-licensed commercial banks in the country. LankaClear is the operator of LankaPay, the country's largest interbank payment network. [1]

Contents

As at February 2016, the shareholders of LankaClear includes Amana Bank, Axis Bank, BOC, Cargills Bank, CBSL, Citibank, Commercial Bank, Deutsche Bank, DFCC Bank, Habib Bank, HNB, HSBC, ICICI Bank, Indian Bank, Indian Overseas Bank, MCB Bank, NDB, Nations Trust Bank, Pan Asia Bank, People's Bank, Public Bank, Sampath Bank, Seylan Bank, Standard Chartered Bank, State Bank of India, and Union Bank. [1]

SLIPS

The Sri Lanka Interbank Payment System (or SLIPS in short) is the largest account-to-account fund transfer network in Sri Lanka. [2] Created by LankaClear, it enables member banks to carry out same-day transfers of up to Rs. 5 million, in a secure paperless process. [3] [4]

CCAPS

Launched under the brand name LankaPay in July 2013, the Common Card and Payment Switch (CCAPS) is the first phase of creating a more robust, efficient, and secure payment infrastructure for Sri Lanka. The Central Bank of Sri Lanka has since approved the CCAPS as Sri Lanka's "National Payment Switch". [5]

CCAPS can be further divided into the following areas:

As per the Payments and Settlements Systems Circular No. 7 of 2015 issued by the Central Bank dated 30 November 2015, all licensed banks in Sri Lanka should join the CAS, CEFTS, CPS, and CMobS networks by 31 March 2016, 30 September 2016, 31 December 2016, and 30 September 2017, respectively. [6]

Common ATM Switch

The Common ATM Switch (or CAS in short), is an interbank ATM network that allows participating banks to use each other's ATMs for free or at a minimal charge. The system was launched in July 2013 with BOC and People's Bank, with the first transaction carried out by the former governor of the Central Bank Ajith Nivard Cabraal, and deputy governor Ananda Silva. The aim of CAS is to create a single unified ATM network in Sri Lanka. [7]

As at March 2016, twelve banks have joined the LankaPay CAS network, expanding the countrywide member ATMs to over 3,000 and making LankaPay the largest ATM network in the country. Member banks include BOC, Cargills Bank, Commercial Bank, HNB, Habib Bank, National Savings Bank, Nations Trust Bank, NDB, People's Bank, Regional Development Bank, Sampath Bank, Seylan Bank, Standard Chartered Bank and Union Bank. [8]

Common Electronic Fund Transfer Switch

The Common Electronic Fund Transfer Switch (or CEFTS) for short is a fully automated paperless fund transfer system which allows instantaneous fund transfers between member banks. [9]

Maximum Customer Charges (LKR)
as at 1 January 2019 [10]
Internet BankingMobile BankingOver the CounterATM
Rs.50Rs.50Rs.100Rs.50

See also

Related Research Articles

<span class="mw-page-title-main">Debit card</span> Card used for financial transactions, usually without a credit line

A debit card, also known as a check card or bank card, is a payment card that can be used in place of cash to make purchases. The card usually consists of the bank's name, a card number, the cardholder's name, and an expiration date, on either the front or the back. Many of the new cards now have a chip on them, which allows people to use their card by touch (contactless), or by inserting the card and keying in a PIN as with swiping the magnetic stripe. These are similar to a credit card, but unlike a credit card, the money for the purchase must be in the cardholder's bank account at the time of the purchase and is immediately transferred directly from that account to the merchant's account to pay for the purchase.

Commercial Bank of Ceylon PLC (CBC) also known as ComBank is a licensed commercial bank in Sri Lanka and its ownership is private. It was incorporated as a public limited company and it is listed on the Colombo Stock Exchange. It is regarded as the largest private bank in Sri Lanka in terms of net worth and capital. The bank is currently the third largest bank in Sri Lanka in terms of total net assets and it lies behind only Bank of Ceylon and People's Bank. It is also the only private sector licensed bank in Sri Lanka to be designated as the higher-tier domestic systemically important bank according to the Central Bank of Sri Lanka. The bank currently operates a network of 268 branches and around 932 ATM machines across Sri Lanka.

BancNet is a Philippine-based interbank network connecting the ATM networks of local and offshore banks, and the country's single interbank network in the Philippines in terms of the number of member banks and annual transactions. Due to its status as the country's single ATM switch operator, it is designated by the Bangko Sentral ng Pilipinas (BSP) as the country's national ATM network.

<span class="mw-page-title-main">Electronic funds transfer</span> Electronic transfer of money from one bank account to another

Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff.

An interbank network, also known as an ATM consortium or ATM network, is a computer network that enables ATM cards issued by a financial institution that is a member of the network to be used to perform ATM transactions through ATMs that belong to another member of the network.

<span class="mw-page-title-main">Malaysian Electronic Payment System</span>

The Malaysian Electronic Payment System (MEPS) is an interbank network service provider in Malaysia. In August 2017, MEPS merged with Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear) to form Payments Network Malaysia Sdn Bhd (PayNet).

<span class="mw-page-title-main">Seylan Bank</span> Sri Lankan commercial bank

Seylan Bank PLC is a publicly owned Commercial Bank in Sri Lanka. It has branches in both urban and rural areas of Sri Lanka. Seylan bank had 167 banking centres island-wide, 3000 staff members, an ATM network of 205 units covering crucial locations, 9 branches providing 365-day banking in 2020. The bank was formed as a licensed commercial bank incorporated with a shareholder base.

ATM usage fees are the fees that many banks and interbank networks charge for the use of their automated teller machines (ATMs). In some cases, these fees are assessed solely for non-members of the bank; in other cases, they apply to all users. There is usually a higher fee for use of White-label ATMs rather than bank owned ATMs.

<span class="mw-page-title-main">1LINK</span> Pakistan-based bank consortium

1LINK (Guarantee) Limited is a consortium of major banks that own and operate the largest representative interbank network in Pakistan and is incorporated under the Company Law, Section 42 by Security and Exchange Commission of Pakistan (SECP). 1LINK has been converted to a Private Limited Company under section 49 of Companies Act 2017 on July 5, 2018.

<span class="mw-page-title-main">Citibank (Malaysia)</span> Bank in Malaysia

Citibank Berhad is a licensed commercial bank operating in Malaysia with its headquarters in Jalan Ampang, Kuala Lumpur. Citibank Berhad operates as a subsidiary of Citigroup Holding (Singapore) Private Limited, commencing its banking operations in Malaysia since 1959. Citibank Berhad was locally incorporated in 1994. Citibank Berhad has 11 branches spread across Kuala Lumpur, Selangor, Penang, Kuantan, Malacca and Johor, offering a wide range of banking and financial services including retail banking, institutional banking, and investment products and services.

<span class="mw-page-title-main">Girocard</span> Interbank network and debit card service

girocard is an interbank network and debit card service connecting virtually all automated teller machines (ATMs) and banks. It is based on standards and agreements developed by the German Banking Industry Committee.

The National Payments Corporation of India is an organization that operates retail payments and settlement systems in India. The organization is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.

<span class="mw-page-title-main">Sampath Bank</span> Sri Lankan commercial bank

Sampath Bank PLC is a licensed commercial bank incorporated in Sri Lanka in 1987 with 229 branches and 373 ATMs island-wide. It has won the "Bank of the Year" award by The Banker of Financial Times Limited – London, for two consecutive years, and the "National Business Excellence Awards 2010". It has become the third largest private sector bank in Sri Lanka with Rs. 453 billion in deposits as of 30 June 2016.

The banking sector in Sri Lanka is monitored by the Bank Supervision Department of the Central Bank of Sri Lanka under the Banking Act, Monetary Law Act and the Exchange Control Act.

Vocalink is a payment systems company headquartered in the United Kingdom, created in 2007 from the merger between Voca and LINK. It designs, builds and operates the UK payments infrastructure, which underpins the provision of the Bacs payment system and the UK ATM LINK switching platform covering 65,000 ATMs and the UK Faster Payments systems.

The Sri Lanka Interbank Payment System, commonly known as SLIPS, is a LKR-only online interbank payment and fund transfer system in Sri Lanka.

<span class="mw-page-title-main">Gh-link</span>

gh-link is GhIPSS’ interbank switching and processing system which interconnects financial institutions and systems of third party payment service providers. gh-link is a local electronic payment ecosystem based on the domestic ATM card with channels such as ATM, POS and Web.

<span class="mw-page-title-main">SIA S.p.A.</span>

SIA S.p.A. is an Italian company operating in the area of ICT, providing services to the banking and finance sector in addition to platforms for financial markets and e-payment services.

<span class="mw-page-title-main">Mir (payment system)</span> Russian payment system

Mir is a Russian card payment system for electronic fund transfers established by the Central Bank of Russia under a law adopted on 1 May 2017. The system was developed by Belgian digital payments company OpenWay and is operated by the Russian National Card Payment System, a wholly owned subsidiary of the Central Bank of Russia. Mir does not itself issue cards, extend credit or set rates and fees for consumers; rather, Mir provides financial institutions with Mir-branded payment products that they then use to offer credit, debit, or other programs to their customers. The development and implementation of Mir was spurred by the imposition of international sanctions against Russia in 2014 to circumnavigate the reliance on the likes of Visa and Mastercard, which were blocked in Russia at the time. Mir created its own digital wallet for contactless payments.

<span class="mw-page-title-main">Women Friendly Workplace Awards</span> Award recognizing organisations that empower female professionals in Sri Lanka

Women Friendly Workplace Awards, is Sri Lanka's first-ever gender equality accolade. It recognises public and private organisations that encourage and empower women at the workplace in Sri Lanka. It was inaugurated in 2021, with it first being held on 2 November 2021, at the Cinnamon Grand. It was initiated by Satyn Magazine and AICPA & CIMA

References

  1. 1 2 "LankaClear: Corporate Profile". LankaClear.com. Retrieved 9 February 2016.
  2. "SL Interbank Payments: Statistics". LankaClear.com. Retrieved 9 February 2016.
  3. "SL Interbank Payments". LankaClear.com. Retrieved 9 February 2016.
  4. "LankaClear enhances service to banks". Daily FT. 17 March 2011. Retrieved 9 February 2016.
  5. "Common Card and Payment Switch". LankaClear.com. Retrieved 9 February 2016.
  6. "Payments and Settlements Systems Circular No. 7 of 2015: Timelines for Joining Common Card and Payments Switch - LankaPay" (PDF). CBSL.gov.lk. Central Bank of Sri Lanka. 30 November 2015. Retrieved 9 February 2016.
  7. "Sri Lanka's first Common ATM Switch, 'Lanka Pay' launched". Daily Mirror. 24 July 2013. Retrieved 9 February 2016.
  8. "Common Card and Payment Switch: LankaPay Common ATM Switch". LankaClear.com. Retrieved 9 February 2016.
  9. "Common Electronic Fund Transfer Switch (CEFTS)". LankaClear.com. Retrieved 14 January 2019.
  10. "HSBC: CEFTS". LankaClear.com. 1 January 2019. Retrieved 14 January 2019.