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US Dollar Draft Payments

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.

Explore the advantages for business

  • Our system eliminates the need for physical USD draft or cheque in the clearing process, reducing the risk of documents being misplaced in transit, and ensuring peace of mind for businesses.
  • Experience faster and more secure cheque transactions with improved clearing timelines, now reduced to today + one business day (T+1). With quicker processing, businesses can better manage their cash flow and financial planning.
  • With our system, the fate of your USD cheques/drafts will be known on the following working day, providing clarity and certainty in your financial transactions.
  • Enjoy the timely availability of funds with our streamlined clearing process, ensuring that your business operations continue smoothly without delays.
  • Our system guarantees the security and integrity of your clearing operations. Rest assured that your transactions are protected every step of the way.

What should I do when I get a return notification?

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.

Discover US Dollar Draft Payments from your preferred financial institution

Statistics

Quarterly statistics as of 31st Mrach 2024

Q1

Quarter

17.8

US Dollar Cheques/Drafts Volume ('000)

108 Million

US Dollar Cheques/Drafts Value (USD)

Statistics

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

FAQ

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.

  • USD drafts issued by banks in Sri Lanka payable to Sri Lankan individuals and institutions.
  • USD drafts issued by banks or exchange houses abroad drawn on banks in Sri Lanka.

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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