Commercial Credit & Finance PLC in a groundbreaking initiative towards enhancing customer convenience recently joined the LankaPay Common ATM Network.
It thus goes on record as being the first finance company in the country to join the LankaPay Common ATM Switch (CAS), which is by far the largest common ATM Network in Sri Lanka. LankaPay-CAS now covers over 95% of the total number of ATMs in the country routing over 2.5 million domestic interbank ATM transactions every month.
This partnership enables Commercial Credit customers to carry out ATM transactions via over 3,500 LankaPay member ATMs island wide at a nominal fee.
Commercial Credit’s Chief Operating Officer Mr. Rajiv Casie Chitty said, “We’re happy to join hands with LankaPay in this ground breaking initiative and thus offer our thousands of customers a greater flexibility and even greater convenience in their transactions. The local financial services industry is evolving at an incredibly rapid pace and it is our vision to be an integral part of this metamorphosis”.
While applauding Commercial Credit for its progressive approach, General Manager/CEO of LankaClear Pvt Ltd, Mr. Channa de Silva said, “We are extremely glad to welcome Commercial Credit as the first finance company to join LankaPay CAS. With this bold step, it has enabled Commercial Credit customers to access more than 95% of the ATMs country wide to support its ambitious expansion drive. This signifies another important landmark in the financial sector where Central Bank authorised finance companies are also beginning to extend more convenience to their customers. This is certain to get us closer towards our ultimate objective of creating financial inclusivity in the country”.
Launched in 2013, LankaPay CAS is an integral part of LankaPay – Trusted National Payment Network, which is operated by LankaClear Pvt Ltd under the supervision and approval of the Central Bank of Sri Lanka.
Other members of the network include People’s Bank, Bank of Ceylon, Hatton National Bank, Seylan Bank, NDB Bank, Union Bank, Regional Development Bank, Commercial Bank, Cargills Bank, Habib Bank, Standard Chartered Bank, Sampath Bank, Pan Asia Bank, Nations Trust Bank, DFCC Bank, Public Bank, National Savings Bank, HDFC Bank,MCB Bank, Axis Bank and Amana Bank.
The network allows a common usage of the ATMs deployed by individual banks by the customers of all member banks creating a high level of convenience and greater economies of scale.
The implementation of LankaPay National Payment Network is a remarkable national initiative towards creating greater autonomy in the banking and financial sector; and harnessing financial inclusivity. In addition to driving affordability and convenience to all customers, having a sound and a robust domestic payment network has also brought in significant cost benefit to the country in terms of saving foreign exchange by facilitating domestic inter-bank transactions which would have otherwise been channeled through foreign switches. LankaPay Common ATM Network is the first phase of the LankaPay national payment network, which will be the backbone infrastructure for all future electronic transactions. (MEDIA RELEASE)