LankaClear opens doors to Senkadagala Finance with Electronic Fund Transfer Solution
View(s):Senkadagala Finance PLC is the newest participant of the Sri Lanka Interbank Payment System (SLIPS), joining hands with LankaClear – the national payment infrastructure solution provider.
SLIPS is a Electronic Fund Transfer system which facilitates the movement of funds from one account to another without the necessity of corresponding papers. “With this partnership, Senkadagala Finance and its customers can now avail this service when transacting with customers of more than 30 banks and financial institutions that have signed with the SLIPS system,” according to a LankaClear statement.
“SLIPS forms an important link in Sri Lanka’s accelerated path to development. What we are doing effectively empowers the ease and speed of doing business, which would greatly benefit Sri Lankan enterprises and the general public as they transact seamlessly. We are extremely pleased to welcome Senkadagala Finance aboard the SLIPS System and as we welcome more and more financial institutions on to the platform, Sri Lanka is getting closer to transacting the future,” said LankaClear General Manager and CEO, Sunimal Weerasooriya in the statement.
At present, SLIPS supports transactions up to the value of Rs.5 million per transaction, with two clearing and settlement sessions per business day. By using SLIPS companies incur lesser administration costs and gain better control over payment realization dates, on-time recovery of collections and enhanced levels of security resulting in increased profitability.
Senkadagala Finance PLC Additional CEO, Sanath Bandaranayake, noted, “Our company has forged a reputation of strength and integrity over four decades of existence, and this venture will serve as a clear indication of our intent to embrace new technology solutions that will redefine and further strengthen our service and value to customers.”