Sunday Dec 22, 2024
Sunday Dec 22, 2024
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People’s Bank recently enabled local routing of domestic USD fund transfers via LankaPay to its US Dollar Online Payment System, marking a pivotal step in enhancing the digital payment ecosystem in Sri Lanka. This collaboration is set to empower businesses and individuals by providing a seamless, secure and a cost-effective alternative for domestic interbank dollar payments.
People’s Bank joined LankaPay US Dollar Online Payment System in 2021 towards LankaPay/JCB card net settlement purpose. With the recent integration, the bank has now enabled domestic US Dollar payment settlements also via the same system.
Launched in 2015, LankaPay US Dollar Online Payment System marks a significant step towards bringing down the cost of domestic interbank dollar transactions.
The system allows such transactions to be routed locally with the potential to save the country a substantial amount of foreign exchange which would otherwise need to be paid to international payment channels. Furthermore, the system offers a same-day funds transfer option at a low cost to the beneficiary. In addition to the organisations which are into import/export operations, this integration will also bring down the cost of processing inward remittances.
Welcoming People’s Bank aboard, LankaPay CEO Channa de Silva said, “As a bank which handles significant amount of domestic US Dollar transactions, having People’s Bank onboard for US Dollar Online Payment System is of great significance which is reflected in them becoming the third highest inward volume in the first month of joining the system.” Speaking of the partnership with LankaPay, People’s Bank CEO/GM Clive Fonseka said, “We are excited to leverage this opportunity to provide our customers with faster and smoother services. Our goal is to enhance both inward and outward remittances through this system, and we look forward to expanding our business and these transactions are currently handled by the Overseas Customer Services of the bank. This initiative reflects our commitment to delivering exceptional value to our customer base.”
