US Dollar Draft Payments
Bringing Sri Lanka’s national payment infrastructure on par with international players.
Bringing Sri Lanka’s national payment infrastructure on par with international players.
In the world of business, time is money, especially when it comes to USD draft and cheque clearance. Historically, the process has been lengthy, taking over three weeks to credit customers due to the need for international transactions. Recognizing this challenge, LankaPay (Pvt) Ltd introduced the USD Draft Clearing System in 2002, cutting processing time down to just four days.
Continuing our commitment to innovation, LankaPay launched the US Dollar Draft Online Image Transfer System (UITS) in 2019. UITS revolutionizes draft processing by digitizing the exchange of draft images between banks, eliminating the need for physical movement, and significantly reducing delays. With UITS, the clearance cycle has been streamlined to just one working day, providing businesses with quicker access to funds and improving cash flow.
Currently, 22 licensed commercial banks are part of the domestic USD draft or cheque clearing network, offering businesses a faster, more reliable payment solution. Join LankaPay in embracing the future of efficient USD draft processing for your business needs.
When a USD draft or cheque is returned or unpaid, you will be informed by the collecting bank. Speak to the collecting bank to find out the reason for the return or non-payment and to get instructions for the next steps.
| Year | Quarter | US Dollar Cheques/Drafts Volume ('000) | US Dollar Cheques/Drafts Value (USD) |
|---|---|---|---|
| 2021 | Q1 | 7.6 | 68 Million |
| Q2 | 6.3 | 51 Million | |
| Q3 | 7.2 | 64 Million | |
| Q4 | 7.3 | 70 Million | |
| 2022 | Q1 | 7.9 | 75 Million |
| Q2 | 10.9 | 101 Million | |
| Q3 | 15.6 | 138 Million | |
| Q4 | 16.1 | 119 Million | |
| 2023 | Q1 | 16.5 | 99 Million |
| Q2 | 15.8 | 94 Million | |
| Q3 | 16.9 | 95 Million | |
| Q4 | 17.6 | 104 Million |
From the time a cheque/draft image reaches LankaPay from banks, it is processed within one business day, so that that cheque shall be realized on the next working day.
No. Image return document not allowed to submit for clearing.
Yes, you can request a stop payment on a USD draft or cheque from the issued bank or exchange house.
Licensed commercial banks in Sri Lanka and exchange houses.
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LankaPay is the national payment network of Sri Lanka which provides the central payment infrastructure to the country’s financial sector. With a mission to drive financial inclusivity and empower businesses and individuals with faster, convenient and secure payment options, making payment convenience an affordable and accessible choice for all.
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LankaPay (Pvt) Ltd. Level 18, Bank of Ceylon Head Office,
BOC Square, No. 01, Bank of Ceylon Mw, Colombo, 00100, Sri Lanka.
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