Direct Debit is another extension of the LankaPay CEFTS. With the launch of the Direct Debit feature, customers would have the convenience of giving a mandate to the bank of a third party to pull up to a certain amount of funds from their bank account on a given date, without the customer having to initiate the payment at his end. These recurrent payments could range from bill payments such as electricity bills, water bills to insurance premium payments to telecom bill payments etc. This feature, heavily used in other countries, would immensely benefit organizations in their payment collection activities as well as make payment reconciliation more efficient. Especially, Banks, Insurance companies, leasing companies and utility companies would find this feature to be of great convenience in collecting their dues on time.
Note – the above are the maximum customer charges as regulated by the Central Bank however this may vary bank to bank subject to the maximum fees given above.