SDBL goes online with SLIPS network

SANASA Development Bank Ltd (SDBL) has received approval from LankaClear (Pvt) Ltd to connect into the Sri Lanka Interbank Payment System (SLIPS) network joining with 24 other banks in Sri Lanka.

Sri Lanka Interbank Payment System (SLIPS) is an online interbank electronic fund transfer system. It facilitates the movement of funds from one account to another without the corresponding piece of paper to authorize or prove that the transfer has occurred.

Therefore, crediting and debiting of accounts could be handled on the same day without the need to write cheques, pay orders or vouchers. This electronic transfer happens in a very secured manner on a VPN connection between the bank and LankaClear on which all the outward transaction files are digitally signed by SDBL before transferring to LankaClear and all the inward transaction files are digitally signed by LankaClear before transferring to SDBL. All the files are verified for the data integrity at each end. The corresponding slips code of SDBL is '7728'.

With this service offering SDBL strives to attract new customers to the bank as well as to provide more services to the existing customer base.

SDBL SLIPS facility can be obtained from any of the existing 79 branches and extension centres immediately as all the branches are connected to the state of the art core banking system - Fiserv ICBS hosted centrally on IBM midrange AS/400 servers.

This was achievable as SDBL SLIPS system is integrated into the core banking system where the transactions sent and receiving from LankaClear will be automatically updated into the core banking system. Therefore, SDBL customers get the advantage of receiving or sending money to and from other banks within the same day.