Jul 26, 2016 (LBO) – Sri Lanka’s Commercial Credit Finance joined the LankaPay Common ATM Network, recently.
LankaPay has 95 percent of automated teller machines in Sri Lanka and carries over 2.5 million domestic interbank ATM transactions every month.
Other members of the network include People’s Bank, Bank of Ceylon, Hatton National Bank, Seylan Bank, NDB Bank, Union Bank, Regional Development Bank, Commercial Bank, Cargills Bank, Habib Bank, Standard Chartered Bank, Sampath Bank, Pan Asia Bank, Nations Trust Bank, DFCC Bank, Public Bank, National Savings Bank, HDFC Bank,MCB Bank, Axis Bank and Amana Bank.
The network allows common usage of ATMs deployed by individual banks by the customers of all member banks, creating a high level of convenience and greater economies of scale, the company said in a statement.
“Having a domestic payment network has also brought in significant cost benefit, by facilitating domestic inter-bank transactions which would have otherwise been channeled through foreign switches.”