LankaClear facilitates efficient payments
LankaClear, Sri Lanka's National Clearing House completed five years
since the launch of the state-of-the-art Cheque Imaging and Truncation
System - CITS.
LankaClear Chairperson Priyantha Liyanage, Central Bank Governor
Ajith Nivard Cabraal and LankaClear CEO Sunimal Weerasooriya at
the CITS fifth anniversary celebrations held recently. |
Dedicated to enhancing the efficiency of the payment systems industry
and taking it into a new era of dynamism and productivity, LankaClear
introduced CITS in May 2006, making Sri Lanka the first country in the
South Asian region and only the second in the world to install the
highly progressive and state-of-the-art clearing system.
CITS is an image based cheque-clearing system which replaces the
physical movement of cheques with electronic information flowing
throughout the clearing cycle. The elimination of the need for the
physical transfer of cheques for purposes of clearing greatly enhanced
the security and efficiency of the clearing process, enabling banks to
achieve next day clearing and cheque realization 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 in
the country, LankaClear is one of the most successful public-private
partnerships in the country.
Since its inception in 2002 following the divestment of the Sri Lanka
Automated Clearing House (SLACH), the company has consistently brought
economies of scale to the banking industry by combining the efficiency
and dynamism of the private sector with the stability and security
characterized by the public sector.
LankaClear offers a multitude of services designed to facilitate
efficient payments.
These include the Sri Lanka Interbank Payment System (SLIPS) which is
an online interbank electronic fund transfer system enabling the same
day transfer of funds in a highly secure environment.
The introduction of the US Dollar Clearing System has significantly
expedited the realization of US Dollar cheques and drafts, bringing
tangible benefits to customers while significantly improving banking
efficiency. |