LankaClear signs with Just In Time Holdings
LankaClear (Private) Limited, the National Clearing House jointly
owned by the Central Bank of Sri Lanka and the Licensed Commercial Banks
in Sri Lanka recently entered into a contract with Just In Time
Holdings, the country's leading Systems integrator for the
implementation of the Common Card And Payment Switch (CCAPS), which
shall facilitate rapid economic activity through faster payments and
facilitate the integration of future financial services. The Switch
Application Software for this project would be provided by Fidelity
Information Systems (FIS) of USA and the Hardware would be supplied by
IBM.
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Officials exchanging the agreement |
As per the road map of the National Payment Council (NPC) and the
decisions taken by the NPC, LankaClear has been requested to establish
the Common Card and Payment Switch (CCAPS) in Sri Lanka. The Monetary
Board of the Central Bank of Sri Lanka has approved the CCAPS as the
National Payment Switch.
As part of the implementation of the above phases of the switch, a
National Payment Framework would be developed which will include the
operational procedures, certification process for the participating
banks, dispute management procedures, reconciliation/clearing/settlement
process, messaging standards and security standards.
The CCAPS would create the backbone infrastructure for all future
electronic payments in the country and would avoid the duplication of
infrastructure and provide the best benefit for the participating banks
and well as end users through economies of scale.
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.
Just In Time Holdings, a member of the Just In Time Group (JIT) a
fully owned Sri Lankan company is a foremost systems integrator with
over a decade of experience. |
