Feb 05, 2016 (LBO) – The Central Depository System (CDS), a fully owned subsidiary of the CSE, has partnered with LankaPay, the national payment network, to provide a fully-fledged digital experience to its settlement banks via the CDS – Digitalized Settlement Schedule Signing (DS3) online portal.
This solution was enabled via LankaPay’s service arm, LankaSign, which is a trusted digital Certification Authority in Sri Lanka.
“This product has made a significant change for settlement coordination with the four settlement banks. It has automated the settlement process, making it very much efficient by eliminating paper-based work,” CEO of CSE Rajeeva Bandaranaike said.
LankaPay is now capable of providing comprehensive CA services including digital signatures to the entire financial sector in Sri Lanka.
The CDS – DS3 solution enables CDS to eliminate physical placement of signatures previously required on the bank settlement schedules that were subsequently hand delivered in physical format to respective banks on a daily basis.
This processes caused significant information risk and delays in the entire settlement process, which created a requirement for a more secure and faster solution.
With the new solution provided by LankaPay, CDS signatories can simply sign the settlement schedules using “LankaSign” digital certificates and upload the same instantly onto CDS – DS3 portal to be accessed by the respective settlement bank.
The LankaSign digital certificates are embedded in USB Crypto Tokens that enable two factor authentication facilitating secure data transmission.
This process ensures that both CDS and Settlement Banks use the established secure connectivity prior to any data transmission and that data is not altered during transmission.
LankaPay National Payment Network is operated under the guidance of the Central Bank of Sri Lanka.
LankaSign is the only commercially operating digital Certification Service Provider in the country that provides integrated digital security solutions with the use of Digital Certificates, SSL Certificates and End User Certificates.
“LankaPay has revolutionized the ICT industry in Sri Lanka by establishing LankaSign, the first CA in Sri Lanka, primarily targeting the financial sector,” GM/CEO of LankaClear Channa de Silva said.
Established in accordance with the Electronic Transaction Act No.19 of 2006, LankaSign is also authorized by the Central Bank of Sri Lanka as the Financial Sector Certification Service Provider.