13 October 2023 12:01 am Views - 166
LankaPay Deputy CEO Dinuka Perera, LankaPay CEO Channa Silva, NDB SVP Personal Banking and Customer Experience Sanjaya Perera and NDB VP Branch Network Management and Product Development Zeyan Hameed
NDB is proud to announce its appointment as a member of the LankaPay USD Online Payment System.
The Sri Lanka Interbank USD Online Payment System is yet another payment product introduced by LankaPay, with the aim of assisting the Central Bank of Sri Lanka (CBSL) and economy by curtailing the foreign exchange outflow from the country when processing US dollar transfers.
Prior to the introduction of the USD Online Payment System, any domestic interbank US dollar transfer needed to be convened via a Nostro account of the corresponding bank in New York. However, with the introduction of the Sri Lanka Interbank USD Online Payment facility, domestic US dollar transactions can now be routed locally, resulting in a drastic decrease in transaction processing fees.
Additionally, this online clearing facility is a much faster and a more convenient option of clearing US dollar drafts and cheques, of which the clearing process is handled by LankaPay.
LankaClear, as the operator of Sri Lanka’s national payment network – LankaPay, is the national payment network that functions under the guidance and supervision of the CBSL.
This system offers numerous benefits to both its member banks and their customers, primary of which is the lower transaction cost (transaction fees) for both banks and customers as well as enhanced turnaround time (TAT) and prompt in-time zone settlements. Furthermore, the system also facilitates increasing efficiency in small-value commercial transactions by providing greater convenience for banks and reducing administrative inconveniences.