December 12, 2024

LankaPay Welcomes People's Bank to US Dollar On-line Payments System

People's Bank recently enabled local routing of domestic USD fund transfers via LankaPay to its US Dollar On-line Payment system, marking a pivotal step in enhancing the digital payment ecosystem in Sri Lanka. This collaboration is set to empower businesses and individuals by providing a seamless, secure and a cost-effective alternative for domestic interbank dollar payments.

People’s Bank joined LankaPay US Dollar Online Payments System in 2021 towards LankaPay/JCB card net settlement purpose. With the recent integration, the Bank has now enabled domestic US Dollar payment settlements also via the same system.

Launched in 2015, LankaPay US Dollar On-line Payment System marks a significant step towards bringing down the cost of domestic interbank dollar transactions. The system allows such transactions to be routed locally with the potential to save the country a substantial amount of foreign exchange which would otherwise need to be paid to international payment channels. Furthermore, the system offers a same-day funds transfer option at a low cost to the beneficiary. In addition to the organizations which are into import/export operations, this integration will also bring down the cost of processing inward remittances.

Welcoming People’s Bank aboard, Mr. Channa de Silva, CEO of LankaPay said “As a Bank which handles significant amount of domestic US Dollar transactions, having People’s Bank onboard for US Dollar On-line system is of great significance which is reflected in them becoming the third highest inward volume in the first month of joining the system” Speaking of the partnership with LankaPay, CEO/GM of People’s Bank, Mr. Clive Fonseka said “We are excited to leverage this opportunity to provide our customers with faster and smoother services. Our goal is to enhance both inward and outward remittances through this system, and we look forward to expanding our business and these transactions are currently handled by the Overseas Customer Services of the Bank. This initiative reflects our commitment to delivering exceptional value to our customer base.”