Sri Lanka Interbank Payment System SLIPS clears Rs 346bn

26th July 2011, www.dailynews.lk

The volume of transactions through the Sri Lanka Interbank Payment System (SLIPS) operated by LankaClear (Pvt) Ltd. (LCPL) grew by a significant 32 percent from the financial year 2009 and 10 to 2010 and 11 the value of transactions grew by 19 percent during the same period.

The total value of transaction cleared through SLIPS during the financial year 2010 and 2011 was Rs 346 billion.

SLIPS is currently more commonly used for salary payments, pension payments, customer account to account fund transfers, standing orders, insurance payments, credit cards settlements, dividend payments and IPO refunds. LankaClear Sri Lanka’s premier catalyst for facilitating progressive payment systems infrastructure, has over the years introduced numerous advanced infrastructure systems to the country’s financial landscape.

The Sri Lanka Interbank Payment System (SLIPS) is one such technology that transformed the banking landscape, introducing new and enhanced levels of efficiency, security and cost effectiveness to the interbank fund transfer system.

SLIPS is an online interbank electronic fund transfer system which eliminates the need for paper work in the fund transfer process.

Catering mainly for low-value retail payments - upto Rs 5 million, the system enables the electronic movement of funds from one account to another without the corresponding physical documentation. “The system therefore enables increased levels of security by eliminating the physical movement of paper documentation, faster transfer times and lower infrastructure requirements, ensuring greater revenue generating capabilities, operational efficiencies and cost savings to banking institutions and customers,” the company’s CEO Sunimal Weerasooriya said.

Using SLIPS for payment and recovery of payments will bring tangible benefits to customers.

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