The launch of a Common Automated Teller Machines (ATM) Switch between all the commercial banks in Sri Lanka will encompass an advantage to all banks irrespective of their size whilst offering the much needed convenience to customers, an industry expert says. As the first step towards fulfilling this objective, the national
payment infrastructure provider LankaClear, last week launched the first
phase of the Common Card and Payment Switch (CCAPS), under the brand
name LankaPay – Common ATM Switch (LankaPay – CAS) between Sri Lanka’s
two large state-owned commercial banks, Bank of Ceylon and People’s
Bank. With these two banks joining, there are over 950 ATMs in this payment network that will enable each other’s account holders to transact using the other bank’s ATM. A key benefit to the customers using this facility would be the imposition of a maximum charge of Rs.15 per transaction as opposed to a higher amount levied previously.
“Whether it is for a large bank with a bigger ATM network or a small bank with a smaller ATM network, at the end of the day, both banks are going to enjoy the benefit by joining the common platform,” Deputy General Manager – IT and Operations at LankaClear (Pvt) Ltd, Harsha Wanigatunga said citing an example.
He noted that if Bank X with a small ATM network and Bank Y with a large ATM network joined the system, customers of Bank X will have the convenience of doing their transaction at the larger network of ATMs of Bank Y. At the same time, by providing this facility to customers of Bank X, Bank Y is also going to benefit by earning additional revenue. Wanigatunga elaborating further said that the successful integration of all banks to LankaPay CAS will facilitate all participating banks to rationalize their ATM deployment in future.
CCAPS, which is a national initiative implemented under the guidance of the Central Bank and with the collaboration of all banks incorporates international best practices and will bring greater convenience, security and cost efficiency to retail electronic payments in Sri Lanka, and most importantly will enable the participating banks to innovate new payment products to cater to their customer needs, he said.
The CCAPS is an integrated payment system of multiple domestic payment networks such as the Common ATM Switch (CAS), Common POS Switch (CPS), Common Electronic Fund Transfer Switch (CEFTS) and Common Mobile Switch (CMobS), where the other payment systems will be implemented in a phased manner.
Meanwhile, The Nation reliably learns that Sri Lanka’s large private banks, Hatton National Bank and Commercial Bank have also commenced the testing and certification process with LankaClear and are likely to join the switch in the coming months.
- See more at: http://www.nation.lk/edition/biz-news/item/19575-common-atms-a-win-win.html#sthash.pnunQQWi.dpuf
Governor of the Central
Bank Ajith Nivard Cabraal seen gesturing towards Deputy Governor of
Central Bank Ananda Silva at the launching ceremony held at Water’s Edge
last week. He is flanked by Chairman of Bank of Ceylon Razik Zarook PC
and People’s Bank Director, Dr. D J D Jayakody
Pic by Ravindra Dharmathilaka - See more at: http://www.nation.lk/edition/biz-news/item/19575-common-atms-a-win-win.html#sthash.pnunQQWi.dpuf
The
launch of a Common Automated Teller Machines (ATM) Switch between all
the commercial banks in Sri Lanka will encompass an advantage to all
banks irrespective of their size whilst offering the much needed
convenience to customers, an industry expert says. As the first step
towards fulfilling this objective, the national payment infrastructure
provider LankaClear, last week launched the first phase of the Common
Card and Payment Switch (CCAPS), under the brand name LankaPay – Common
ATM Switch (LankaPay – CAS) between Sri Lanka’s two large state-owned
commercial banks, Bank of Ceylon and People’s Bank. With these two banks
joining, there are over 950 ATMs in this payment network that will
enable each other’s account holders to transact using the other bank’s
ATM. A key benefit to the customers using this facility would be the
imposition of a maximum charge of Rs.15 per transaction as opposed to a
higher amount levied previously.
“Whether it is for a large bank with a bigger ATM network or a small bank with a smaller ATM network, at the end of the day, both banks are going to enjoy the benefit by joining the common platform,” Deputy General Manager – IT and Operations at LankaClear (Pvt) Ltd, Harsha Wanigatunga said citing an example.
He noted that if Bank X with a small ATM network and Bank Y with a large ATM network joined the system, customers of Bank X will have the convenience of doing their transaction at the larger network of ATMs of Bank Y. At the same time, by providing this facility to customers of Bank X, Bank Y is also going to benefit by earning additional revenue. Wanigatunga elaborating further said that the successful integration of all banks to LankaPay CAS will facilitate all participating banks to rationalize their ATM deployment in future.
CCAPS, which is a national initiative implemented under the guidance of the Central Bank and with the collaboration of all banks incorporates international best practices and will bring greater convenience, security and cost efficiency to retail electronic payments in Sri Lanka, and most importantly will enable the participating banks to innovate new payment products to cater to their customer needs, he said.
The CCAPS is an integrated payment system of multiple domestic payment networks such as the Common ATM Switch (CAS), Common POS Switch (CPS), Common Electronic Fund Transfer Switch (CEFTS) and Common Mobile Switch (CMobS), where the other payment systems will be implemented in a phased manner.
Meanwhile, The Nation reliably learns that Sri Lanka’s large private banks, Hatton National Bank and Commercial Bank have also commenced the testing and certification process with LankaClear and are likely to join the switch in the coming months.
- See more at: http://www.nation.lk/edition/biz-news/item/19575-common-atms-a-win-win.html#sthash.pnunQQWi.dpuf
“Whether it is for a large bank with a bigger ATM network or a small bank with a smaller ATM network, at the end of the day, both banks are going to enjoy the benefit by joining the common platform,” Deputy General Manager – IT and Operations at LankaClear (Pvt) Ltd, Harsha Wanigatunga said citing an example.
He noted that if Bank X with a small ATM network and Bank Y with a large ATM network joined the system, customers of Bank X will have the convenience of doing their transaction at the larger network of ATMs of Bank Y. At the same time, by providing this facility to customers of Bank X, Bank Y is also going to benefit by earning additional revenue. Wanigatunga elaborating further said that the successful integration of all banks to LankaPay CAS will facilitate all participating banks to rationalize their ATM deployment in future.
CCAPS, which is a national initiative implemented under the guidance of the Central Bank and with the collaboration of all banks incorporates international best practices and will bring greater convenience, security and cost efficiency to retail electronic payments in Sri Lanka, and most importantly will enable the participating banks to innovate new payment products to cater to their customer needs, he said.
The CCAPS is an integrated payment system of multiple domestic payment networks such as the Common ATM Switch (CAS), Common POS Switch (CPS), Common Electronic Fund Transfer Switch (CEFTS) and Common Mobile Switch (CMobS), where the other payment systems will be implemented in a phased manner.
Meanwhile, The Nation reliably learns that Sri Lanka’s large private banks, Hatton National Bank and Commercial Bank have also commenced the testing and certification process with LankaClear and are likely to join the switch in the coming months.
- See more at: http://www.nation.lk/edition/biz-news/item/19575-common-atms-a-win-win.html#sthash.pnunQQWi.dpuf
