FIRST IN SOUTH ASIA TO LAUNCH ONLINE TRANSFER MODE FOR CITS

LankaClear, the operator of Sri Lanka’s national payment network – LankaPay, took another giant stride in the payment and settlement arena by completely automating the cheque clearing cycle, by introducing the online transfer mode of the Cheque Imaging and Truncation System (CITS). With this initiative, Sri Lanka became the first in South Asia to launch the online transfer mode of CITS, which replaced the current inefficient practice of transferring the last mile of cheque images via CD-ROMs. This is anticipated to further bring down human intervention and inefficiencies associated with the current cheque clearing process to a bare minimum, thus allowing banks to further extend service levels to customers.