Commercial Bank joins LankaPay

* Private sector giant adds muscle for Sri Lanka’s largest common ATM network to cross 2,300 outlets

Sri Lanka’s largest common ATM network ‘LankaPay’ strengthened its presence island wide with the advent of Commercial Bank of Ceylon on to its platform.
Commercial Bank operates Sri Lanka’s single largest ATM network owned by a bank, and through its partnership with LankaPay, Combank customers and customers of all other member banks can now withdraw cash within the LankaPay network at over 2,300 ATMs for a nominal fee of just Rs.30 per cash withdrawal.


By connecting Commercial Bank, customers of all LankaPay member banks namely People’s Bank, Bank Of Ceylon, HNB, Seylan Bank, NDB Bank and Union Bank can now experience the superior services offered by Combank ATMs located island wide.

Combank ATMs also allow the facility to settle utility bills, credit cards and mobile payments, and is linked to millions of ATMs across the world via a secure network.

Commercial Bank’s Managing Director, Ravi Dias said: “We are committed to provide reliable, innovative and customer-friendly financial services to our consumers. Our island-wide ATM network of 594 is testimony of this commitment to our customers, and it is the largest electronic cash dispensing system owned by a single bank in Sri Lanka. We are pleased to join hands with LankaPay to expand our service and offering to customers of other member banks. Technology and convergence will shape the future of the sector and we look forward to working with LankaClear and our peers in realising our full potential.”
The LankaPay network is operated by LankaClear with the approval and guidance of the Central Bank of Sri Lanka, and is the first phase of the national common payment network. The network is designed to become the backbone infrastructure for all future electronic transactions, which will facilitate seamless connectivity coupled with real-time payments.

LankaClear General Manager/CEO Sunimal Weerasooriya said: “We are delighted to welcome Commercial Bank on board the LankaPay network to supplement our transformational drive. With further expansion of the LankaPay network, consumers across the country will have access to a wide-array of financial services which are convenient and enhance how we work and live. Converging all banks and financial institutions under the LankaPay network will open doors to a unique financial experience for consumers, and position Sri Lanka amongst the most advanced financial services hubs in the region.”

The implementation of the LankaPay – Common ATM Service is a national development initiative, which will greatly support the proposed consolidation of the banking and financial services industry, allowing greater reach, service offering and convenience to customers via a common platform. In addition to driving affordable convenience to users it also offers significant savings in foreign exchange to the country by virtue of every LankaPay transactions being channelled through a total domestic network.
LankaClear Ltd., one of the country’s most successful public-private partnerships, is Sri Lanka’s national payment infrastructure provider. The company is jointly owned by the Central Bank of Sri Lanka and all Commercial Banks. LankaClear’s product offering include the Cheque Imaging And Truncation System (CITS), LankaPay – Common Payment Network – Common ATM Service/SLIPS Electronic Money Transfer Service and LankaSign Certification Service Provider among several other payment system infrastructure offerings.

The only Sri Lankan bank to be listed three years consecutively in the world’s Top 1,000 Banks, Commercial Bank operates a network of 235 branches and 594 ATMs in Sri Lanka. Ranked the most valuable private sector brand in the country in 2014, the bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013.

http://www.ft.lk/2014/06/30/commercial-bank-joins-lankapay/