DFCC Bank iConnect facilitates real time CEFTS payments for Corporate Clients

20 September 2019, Colombo: Adopting cutting-edge technology, DFCC Bank PLC a leading commercial bank in Sri Lanka, recently introduced the Common Electronic Fund Transfer System (CEFTS) payments facility through  its payments and cash management online platform for corporate clients, DFCC Bank iConnect.  DFCC Bank’s CEFT payments enable swift and secure real-time fund transfers, which allow its customers to perform faster domestic interbank transactions at their convenience, whilst not depending on the bank’s cut-off times

Developed using state-of-the-art technology, the innovative DFCC iConnect platform provides high-quality payables and receivables solutions in the industry, catering to a range of institutional clients. Providing an extremely secure platform in par with top international payment networks, DFCC iConnect allows its customers to route transactions via CEFTS at a click of a button, 24/7 and 365 days of the year. By bridging the gap between seamless transactions and modern convenience, a clients’ finance, and treasury units can now be in control of their immediate cash flows and obtain full visibility of their liquidity.

Sheron Mendis, Assistant Vice President, Payments and Cash Management DFCC Bank elaborated “DFCC iConnect delivers many distinctive advantages for corporate and SME clients, including the convenience of automating, controlling and streamlining their payments and settlement processes. The system’s wide range of payments services such as digital cheque signing, SLIPS, CEFTS, RTGS, salary payments with automatic EPF settlements, utility bill payments, and foreign wire transfers through Telegraphic Transfers are some of the offerings extended to our customers. We are looking at enabling geographic freedom, access through local and international connectivity, extended cut-off times and ease of payment authorization of our corporate clients.  The system also provides efficient management of distributor/ supplier relationships, through DFCC iConnect’s Financial Supply Chain Management System, which provides a supply chain financing platform that facilitates end-to-end solutions for both dealers and suppliers. Additionally, DFCC iConnect provides receivable services such as Digital Deposit Accounts for automatic pay, or identification through tailor-made collection solutions and a suite of innovative services for clients to manage their daily accounts receivables.”

Providing an overall omni channel experience, DFCC iConnect empowers the Bank’s corporate clients with access to their account transaction information from any location. With enhanced security features, this fully integrated financial solution platform enables real-time viewing of bank balances, carrying out local or cross-border fund transfers, and choosing from among the best solutions for collections at a simple click of a button.

About DFCC Bank

DFCC Bank PLC is a fully fledged commercial bank offering the full gamut of commercial and development banking services. The Chartered Institute of Management Accountants (CIMA) and the International Chamber of Commerce of Sri Lanka (ICCSL) recognized DFCC Bank as one of ten “most admired companies” in Sri Lanka for 2018. The Bank was also ranked No 14 in Business Today’s list of Top 30 businesses in Sri Lanka and was placed in the 25th position in Brand Finance Top 100 Most Valuable Brands, 2019. DFCC Bank is rated AA- (lka) by Fitch Ratings Lanka Limited.