Union Bank becomes first private bank to join LankaPay Common ATM Switch
Monday, 9 September 2013 00:05
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Union Bank of Colombo PLC announced that the bank in partnership with LankaClear Ltd., in a groundbreaking technology initiative, approved by the Central Bank of Sri Lanka, has joined the LankaPay Common ATM Switch (CAS) as the first private bank, enhancing its reach and customer convenience to new heights in unison with an islandwide network of ATMs.
Anil Amarasuriya, Director/CEO of Union Bank stated that Union Bank has continued to use its IT interventions to grow its business more emphatically and this initiative adds value to our premise to deliver unparalleled service and convenience to our customers. It enables Union Bank accounts to be accessed from over 1,000 ATMs across the country at the lowest cost.
As an initial step, the most widespread ATM networks of Bank of Ceylon and People’s Bank are already on board with LankaPay. This initiative follows the launch of TV banking and the first trilingual mobile banking application on Apple and Android platforms, all of which continues to place Union Bank at the helm of providing technologically advanced product innovations that lead to greater customer convenience.
Sunimal Weerasooriya, General Manager/CEO of LankaClear Ltd., stated: “The LankaPay Common ATM Switch will revolutionise ATM based services in Sri Lanka. The Common Card and Payment Switch (CCAPS) is an integrated payment system of multiple domestic payment networks such as the Common ATM Switch (CAS), Common POS Switch (CPS), Common Electronic Fund Transfer Switch (CEFTS) and Common Mobile Switch (CMobS). This centralised national infrastructure will provide benefits such as an integrated electronic payment system that can secure real-time payments providing greater efficiency in payment scheme integration, greater cost benefits, and standardised security.”
LankaClear expects all banks to join the switch in the forthcoming months, creating the single largest ATM Network in the country, benefiting ATM users. LankaClear is owned by the Central Bank of Sri Lanka (CBSL) and all Licensed Commercial Banks operating in Sri Lanka and is one of the most successful public-private partnerships in the country. LankaClear offers a multitude of services that is specially designed for the banking industry.
