Sri Lanka Interbank US Dollar On-line Payment System is yet another payment product of LankaPay aimed at reducing the foreign exchange outflow being transaction processing fees.

Prior to the introduction of USD On-line Payment System, any domestic interbank USD transfer needed to be convened via a NOSTRO account of the corresponding bank in New York. With the introduction of Sri Lanka Interbank US Dollar On-line Payment facility, the domestic USD transactions can now be routed locally, hence the transaction processing fees have come down drastically.

The online clearing facility is much faster and convenient option to USD drafts and Cheques, of which the clearing process too is handled by LankaPay.

Sri Lanka Interbank US Dollar On-line Payment System offer following benefits to banks and its customers.

  • Lower per transaction cost for banks and customers
  • Significant reduction of correspondent bank charges result in curtailing foreign exchange flowing out of Sri Lanka
  • Enhanced turnaround time (TAT) and prompt in-time zone settlement
  • Greater Convenience to Banks
  • Increase greater efficiency in small value commercial transactions
  • Less administrative hassle for banks

Member Banks

  • Amana Bank PLC
  • Bank of Ceylon
  • Cargills Bank Ltd
  • Commercial Bank of Ceylon PLC
  • National Development Bank PLC
  • DFCC Bank PLC
  • Habib Bank Ltd
  • Hatton National Bank PLC
  • Indian Overseas Bank
  • MCB Bank Ltd
  • National Savings Bank
  • Pan Asia Banking Corporation PLC
  • Public Bank Berhad
  • Sampath Bank PLC
  • Seylan Bank PLC
  • People's Bank(Participated only for NCS net settlement)

Clearing cycle and cut off times

  • Session 1 - 6.00 pm
  • Session 2 - 1.00 pm

The above are the cut off times for member banks & financial institutes.

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