FastPay

Nov 29, 2013 (LBO) – LankaClear, Sri Lanka’s interbank clearing house, said a new backbone is being developed to integrate multiple networks, which will speed up transactions and allow mobile-enabled payments. The firm recently launched LankaPay a switch that connected automated teller machines of different banks.

“LankaPay CAS is a precursor to the launch of the Common Card and Payment Switch (CCAPS), an integrated payment system of multiple domestic payment networks,” he firm said in a statement.

“The system is designed to become the backbone infrastructure for all future electronic transactions, which will facilitate seamless connectivity coupled with online real time payments.”

The CCAPS system will allow real time electronic fund transfers, mobile-enabled payments and transactions a payment card scheme.

LankaClear had just won an award in the infrastructure and utilities sector at the National Business Excellence Awards of Sri Lanka’s National Chamber of Commerce.

“Our investments in the latest technology combined with our Vision form robust synergies that will propel Sri Lanka on its current development track, general manager Sunimal Weerasooriya said.

“I encourage our pa