US Dollar Online Payments

In the realm of financial institutions, efficient payment mechanisms are paramount for smooth operations. Enter the Sri Lanka Interbank US Dollar On-line Payment System, a game-changing platform designed to facilitate domestic interbank US Dollar payments.

Before the introduction of this system, all domestic USD transfers were executed through NOSTRO accounts maintained at corresponding banks in the USA. However, the time and significant cost involved in these processes highlighted the need for reliable, efficient, and cost-effective mechanisms for domestic USD transfers.

Now, with the Sri Lanka Interbank US Dollar Online Payment System, financial institutions can seamlessly execute domestic USD transfers with ease. All Licensed Commercial Banks (LCBs) and Financial Institutions operating in Sri Lanka are eligible to participate in this system, ensuring widespread accessibility and participation.

This system offers a highly convenient alternative to traditional methods such as US dollar drafts and cheques, providing financial institutions with a modern and efficient solution to optimize their payment processes.

Explore the advantages for financial institutions

Low transaction fees due to elimination of correspondent bank charges.

Secure transactions for your dollar transfers among local banks.

Support to minimize the foreign exchange flowing out of Sri Lanka

Enhanced turnaround time (TAT) and prompt in-time zone settlement

Increase greater efficiency in small value commercial transactions.

Less administrative hassle for banks

Clearing cut-off times

We will carry out US dollar online operations during the following periods.

Session 01 (Submission Cutoff Time – 3.00 p.m. to 6.00p.m.)
Process forward value transactions (T+1 and T+2)

Session 02 (Submission Cutoff Time – 9.00a.m. 1.00p.m.)
Process same day value transactions (T+0) and forward value transactions (T+1 and T+2)

Quarterly statistics

Year	Quarter	Transactions Volume (‘000’)	Transactions Value (‘USD’)
2024	Q1	8.5	155 Million
	Q2	8.7	182 Million
	Q3	10.8	136 Million

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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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