The environment in which commercial transactions takes place keeps on changing which requires constant upgrading of the national payment system infrastructure to meet the market demand. In recent years, the advances in information technology have paved the way for much more efficient, automated and secure payment systems facilitating on-line real time electronic fund transfers.
The migration to on-line electronic fund transfers has resulted in higher operational efficiency, cost efficiency, greater reliability and security of financial transactions.
In addition to the same day clearing of transactions, the new system facilitates online submission of the transaction files by the participating banks with a high level of security through Digital Signing of the transaction messages.
LankaClear, which is the national clearing house, envisages that customers will use the new system to make bill payments, third party account-to-account transfers and that corporate organizations such as stock-brokers and insurance companies will use the system to make payments to their customers as well as for payment collection in an efficient and cost effective manner.