On April 4, at the Centre for Banking Studies under the Central Bank of Sri Lanka (CBSL), an awareness program on ‘Recent Initiatives to the Payment and Settlement System’ was held.
Gayal Rupasinghe, Assistant Director Payments and Settlements Department, said, “All Banks (with CEFTS membership) have to enable their direct debit transactions. This time the Governor brought a deadline. The target is the end of June.”
JustPay, a payments provider under Lanka Clear, allows customers to make retail payments up to Rs. 10,000 in value, using smart mobile devices by transferring funds from their current or savings account to the merchant’s account directly. The tariff would be as low as Rs.1 for the first Rs.10,000. The payments would use the Common Electronic Fund Transfer (CEFT) system.
The technology is partnered with a Payment Exchange Name (PEN) system. This would allow people to identify payee account details through the provision of a phone number.
Rupasinghe said, “Shared Know Your Customer (KYC), my KYC with Commercial Bank could be used to open an account with any other bank which is verified with the information from the Commercial Bank.” Rupasinghe added, “We have standardized QR codes for the payments industry, we have set out a regulatory sandbox and we are planning a transit card.”
Rupasinghe said, “The planned open API would result in the closure of branches and be replaced with kiosks and open banking.” DP
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