LankaClear partners EY for Assurance on processes for LankaPay Technnovation 2017 Awards

From left: EY Senior Manager Tharindu Kirtisinghe, EY Director Tony Outschoorn, EYPartner Arjuna Herath, LankaClearGM/CEO Channa de Silva, LankaClear Head of Finance Rasika Galappaththy, LankaClear Senior Assistant Accountant Lakmal Rathnasekara and LankaClear Management Accountant Shehan Wijewickrama

LankaPay Technnovation Awards 2017, the pioneering payment technology innovation awards, was the only event in the country geared to recognise true innovations in the financial sector in relation to payment systems. In order to obtain the required assurance on the processes followed to select the winners for this inaugural awards LankaClear Ltd. partnered Ernst & Young (EY).

LankaClear carried out a comprehensive evaluation process in order to arrive at the winning Banks and Financial Institutions of the Lanka Pay Technnovation awards 2017. The competition consisted of eight (8) award categories. 

Seven (7) of them were based on interbank volumes transacted between respective banks and financial institutionsby their customersvia the LankaPayNational Payment Network;while one was based on a popular public vote. EY was involved in providing the requested assurance on the processes followed in extracting, submission, and evaluation of information and data to the panel of judges.

The primary objective of theLankaPay Technnovation Awards is to drive financial inclusiveness in the country by enhancing the efficiency of the country’s national payment network and propel the use of electronic transactions. 

As a company which is operating in the domain of payments, LankaClear has always strived to be on par with international standards and bagged Sri Lanka’s first PCI DSS certification. During the short yet illustrious journey that spans over 15 years, LankaClear has many achievements to its credit, in pursuit to become the country’s trusted national payment network.

LankaClearCEO Channa De Silvacommenting on the awards stated: “LankaClear is renewingour efforts to increase public awareness on the solutions portfolio relating to the common payment network and these awards recognizes the banks and financial institutes who have excelled in driving technology based payment instruments. These awards will be a catalyst to further reduce the cost of financial transactions to general public by promoting the use of country’s national payment network through such innovative solutions.”

De Silva commenting on the importance of EY’s role emphasised that EY played a significant role as the Independent Information Technology Security and Process Control experts in providing required assurances to the Panel of Judges on the processes followed, which were technology based and that assurance was critical to ascertain the credibility of the awards. 

LankaPay Technnovation Awards 2017 took into account the interbank payment transactions carried out during the periods from 1April 2016 to 31March 2017 and 1April 2015 to 31March 2016.

EYSenior Partner and Head of Advisory Sri Lanka and Maldives Arjuna Herathsaid that they were pleased to be associated with the inaugural LankaPay Technnovation Awards 2017 while the significance of these awards was underscored by the enthusiasm of the participating Banks and Non-Banking financial institutions in submitting the required information and data and actively participating in the awards selection process.

The ever-changing business landscape has triggered the demand for dynamic user interfaces, greater availability, higher security and more importantly services at their fingertips. In this context Herath states that he applauds the efforts of LankaClear in driving technology innovation to bring about a real transformation in the national payment system and EY is committed to continue to provide assurance on technology and security relating to these systems.