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LankaPay
LankaPay (formerly LankaClear) national payment network of Sri Lanka which provides the central payment infrastructure to the country's financial sector. Established in April 1, 2002, the organization is owned by the Central Bank of Sri Lanka (CBSL) and all CBSL-licensed commercial banks in the country.
As at April 2025, below are the shareholders of LankaPay:
In May 2006, LankaPay launched the Cheque Imaging and Truncation System (CITS), a groundbreaking platform that facilitates the electronic presentment and clearance of cheque images. The introduction of CITS positioned Sri Lanka as the first country in South Asia and the second worldwide to implement such an advanced payment and settlement infrastructure, enabling nationwide cheque clearance on a T+1 basis where beneficiaries can encash a cheque on the next business day.
Operating under the provisions of the Payment and Settlement Systems Act No. 28 of 2005, which outlines procedures for automated cheque clearing, CITS revolutionized the traditional clearing process by transitioning from physical cheque handling to an image-based clearing mode. This significant development reduced the clearing cycle from three to five days to just one working day, primarily by eliminating the need for physical movement of the instruments. This has also enabled the banks to offer extended time for their customers to submit cheques, which has provided greater convenience to all banking customers.
The Sri Lanka Interbank Payment System (or SLIPS in short) is the largest account-to-account fund transfer network in Sri Lanka. Created by LankaClear, it enables member banks to carry out same-day transfers of up to Rs. 5 million, in a secure paperless process.
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".
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.
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LankaPay
LankaPay (formerly LankaClear) national payment network of Sri Lanka which provides the central payment infrastructure to the country's financial sector. Established in April 1, 2002, the organization is owned by the Central Bank of Sri Lanka (CBSL) and all CBSL-licensed commercial banks in the country.
As at April 2025, below are the shareholders of LankaPay:
In May 2006, LankaPay launched the Cheque Imaging and Truncation System (CITS), a groundbreaking platform that facilitates the electronic presentment and clearance of cheque images. The introduction of CITS positioned Sri Lanka as the first country in South Asia and the second worldwide to implement such an advanced payment and settlement infrastructure, enabling nationwide cheque clearance on a T+1 basis where beneficiaries can encash a cheque on the next business day.
Operating under the provisions of the Payment and Settlement Systems Act No. 28 of 2005, which outlines procedures for automated cheque clearing, CITS revolutionized the traditional clearing process by transitioning from physical cheque handling to an image-based clearing mode. This significant development reduced the clearing cycle from three to five days to just one working day, primarily by eliminating the need for physical movement of the instruments. This has also enabled the banks to offer extended time for their customers to submit cheques, which has provided greater convenience to all banking customers.
The Sri Lanka Interbank Payment System (or SLIPS in short) is the largest account-to-account fund transfer network in Sri Lanka. Created by LankaClear, it enables member banks to carry out same-day transfers of up to Rs. 5 million, in a secure paperless process.
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".
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.