Seylan Bank redefines remittance with CEFT and SeyCash

Reiterating its drive to offer convenient and secure online transactions, Seylan Bank has once again improved the offerings of the LankaPay Common Electronic Fund Transfer Switch (CEFTS) to enable its customers to carry out efficient and frictionless online transactions. 

LankaPay CEFTS is an integral part of Sri Lanka’s trusted national payment network. CEFTS is operated by LankaClear (Pvt) Ltd under the approval and guidance of the Central Bank of Sri Lanka. This payment system supports online real time fund transfers/payments between LankaPay-CEFTS members to enable bank customers to initiate transactions at any given time of the day, where the recipient will receive funds within a fraction of a second. At Seylan these payments can be made through various channels such as over the counter, mobile banking, internet banking, etc. 

Seylan Bank has functionality rich, secure and very convenient internet banking and mobile banking applications. Hence, Corporate and Retail customers can access a wide range of internet banking services including bulk utility bill payments to different companies in one click, credit card payments, real-time third party interbank payments (CEFTS) inclusive of Sri Lanka Customs payments, fund transfers via SLIPS (none instant payments), secure messaging, fixed deposit and saving account opening, user defined dashboard, etc. 

Further, Seylan Bank ATMs facilitate utility bill payments and fund transfers in addition to cash withdrawals. Seylan’s connectivity to Visa, MasterCard and LankaPay networks enables easy access to local and international ATMs. In addition Seylan Bank offers competitive rates and services for eCommerce clients via Seylan’s Internet Payment Gateway and to POS and Mobile POS (mPOS) facilities for merchants based on their needs. Thus it is quite evident that this multitude of services provide customers with significant convenience and value.

Taking real-time payments to the next level of innovation, Seylan Bank has integrated its SeyCash remittance service with CEFTS, in addition to SLIPS. Thus the sender can determine whether they require the recipient to receive the remittance to an account in any bank on an immediate basis using CEFTS or on a batch mode using SLIPS. These systems are highly supported by inbuilt technology that offer fully automated end to end transactions in a hassle free manner. SeyCash is a fast, secure, convenient and cost effective method of remittance offered by Seylan Bank that anyone can use to remit funds to any bank in SL in real-time.

Commenting on the upgrade, Seylan Bank Chief Information Officer Harsha Wanigatunga said: “As the bank with a heart, we are committed to ensuring customer convenience and secure transactions as a key focus of our digital strategy. Towards achieving this goal, we have identified key pillars as customer convenience, security, innovative solutions and process optimisation which undergoes continuous revamping to deliver efficient and secure digital banking solutions. Also, Seylan Bank has partnered with world reputed money transfer networks to give greater choice to our customers. Further, by providing the real-time fund transfers the delays between interbank fund transfers for remittances have been eliminated by remitted funds being transferred to accounts of Seylan or any other banks in Sri Lanka instantly 24x7.”