US Dollar Online Payments
Bringing Sri Lanka’s national payment infrastructure on par with international players.
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Bringing Sri Lanka’s national payment infrastructure on par with international players.
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.
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)
| 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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LankaPay (Pvt) Ltd. Level 18, Bank of Ceylon Head Office,BOC Square, No. 01, Bank of Ceylon Mw, Colombo, 00100, Sri Lanka.
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