LB Finance signs up with LankaClear to Become SLIPS participant

Wednesday, 30 October 2013 00:00 - - {{hitsCtrl.values.hits}}

LB Finance PLC, the company with the largest public deposit base among the non-bank financial institutions in Sri Lanka, recently entered into an agreement with LankaClear to become a participant of the Sri Lanka Interbank Payment System (SLIPS). SLIPS, is an online interbank Electronic Fund Transfer (EFT) system which enables the movements of funds from one bank account to another without the corresponding piece of paper.

Efficient credit/debit facilities The crediting and debiting of accounts can now be done efficiently and accurately without the necessity of writing cheques, pay orders or vouchers. The moving of electronic records rather than paper enables payments to be processed more efficiently with several advanced security features as well as audit trails. LB Finance customers will now be able to enjoy benefits such as same day realisation of funds up to Rs. 5 million per transaction as the system speeds up the process by using electronic records instead of paper transactions. LB Finance will also be able to perform reliable and secure transactions to its valued customers by becoming a SLIPS participant which provides connectivity to the LB savings accounts within the Sri Lankan e-payment spectrum. Flexibility LB Finance Managing Director Sumith Adhihetty said: “Partnering with LankaClear for SLIPS will provide the much needed fund transfer flexibility to our LB Savings product. This will make our high yielding savings account accessible to employees/employers alike to transfer salaries with same day realisation benefit. “LB savings customers will now be able to enjoy the high interest rates without having worry about the timely inward and outward payments using their savings accounts. This will also boost the company’s efforts to popularise savings deposits among its customer base and will complement our plans to aggressively grow the company’s savings deposit base.” Better placed LankaClear CEO Sunimal Weerasooriya said: “We are pleased to have LB Finance as a Secondary Participant in SLIPS and believe that LB Finance would now be better placed to provide a complete array of value added services to its valued customers with the many features provided through SLIPS. LankaClear has been continuously improving the SLIPS System to bring more efficiency, reliability, security and features to the system.” Trail blazer LB Finance PLC is a trail blazer in the financial services industry in Sri Lanka. The company was established in 1971 and through the years has built a strong reputation as one of Sri Lanka’s most trusted financial organisations. With a total deposit base of over Rs. 42 billion, LB Finance is proud of the trust placed by the general public making the company the largest non-banking deposit mobiliser in the country. Variety of services The company also offers a variety of other services including leasing, factoring, hire purchasing, micro finance, mortgage loans and gold loans. LB Finance is licensed by the Monetary Board of the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011 and has a rating of A- by RAM Ratings Lanka. LankaClear is one of the most successful public-private partnerships in the country. Since 2002, following the divestment of the Sri Lanka Automated Clearing House (SLACH), the company has consistently brought economies of scale to the banking industry by combining the efficiency and dynamism of the private sector with the stability and security characterised by the public sector.