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LankaSign New Product Launch
Cyber security, information piracy, data theft, etc, are words we hear often these days in a world going High Tech at an ever increasing speed. Eliminating information piracy, data theft, etc. and ensuring security of information transmitted online is even more necessary as e-payments are fast becoming the norm than the exception. Apart from increasing the speed of payments, the use of the electronic payment systems for transactions mean less paper and this contributes to saving trees and being eco friendly for the greater good of this planet we call earth.
The use of the internet and electronic transactions have evolved rapidly in Sri Lanka facilitating greater customer convenience and attracting newer customers irrespective of demographics. This is very evident by the high usage and growth of Internet Banking and Electronic Payment Systems.
Whilst advanced technology brings about many advantages to financial institutions and their customers it also brings in great risks of information security and electronic fraud. Therefore as the use of electronic payments increases an advanced IT security infrastructure becomes critical in order to prevent the risks associated with information security and unauthorised access.
Authentication is a critical issue for those involved in what is now commonly called e-commerce. Both payees and payers must have confidence in the authenticity and integrity of electronic documentation sent by one party and received by the other. Just as paper based transactions have signatures for the authentication of documents digital signatures is the way forward for electronic transactions and all types of documents exchanged electronically.
In fact, Digital Signatures can achieve a much higher degree of trust than is possible with documents authenticated by hand. Digital signing allows the recipient of the e-transaction to know with certainty that it originated from a specific party (termed non-repudiation) and that no changes have been made after the transaction has been digitally signed (accomplished integrity).
Recognising this need the Central Bank of Sri Lanka (CBSL) invited LankaClear (Pvt) Ltd. (LCPL) to be the Financial Sector's Certification Service Provider and LCPL launched LANKASIGN on 22nd May 2009, in accordance with the Electronic Transactions Act No. 19 of 2006.
A Certification Service Provider (CSP) is a trusted authority which issues and manages security credentials and public keys for message signing and encryption. As part of a Public Key Infrastructure (PKI), a CSP checks with a Registration Authority to verify information provided by a requestor of digital certification. Once the Registration Authority (RA) has verified the requestor's information, the CSP can issue a Digital Certificate which can be used for the purpose of signing and encrypting electronic transactions or for any purpose which requires authentication of a document.
In an era where even an e-mail may require authentication, LankaClear's digital certification products under the brand name LANKASIGN is the most convenient and cost effective solution.
As the first phase, LankaClear began providing digital certificates to participant banks that are connected to LCPL for security enhanced clearing applications through LCPLs VPN network. In the second phase LANKASIGN will provide digital certificates for any financial sector enterprise applications and end users which will be made available on the public network. This will be of great value not only to the financial sector in Sri Lanka but to anyone needing digital certificates. These digital certificates of LANKASIGN will save Financial Sector enterprises valuable foreign exchange which they currently incur procuring certificates from foreign CAs at a high cost.
The following new products were introduced to the market at the official launching ceremony held on 9th February 2011 at Hotel Galadari:
Whilst advanced technology brings about many advantages to financial institutions and their customers it also brings in great risks of information security and electronic fraud. Therefore as the use of electronic payments increases an advanced IT security infrastructure becomes critical in order to prevent the risks associated with information security and unauthorised access.
Authentication is a critical issue for those involved in what is now commonly called e-commerce. Both payees and payers must have confidence in the authenticity and integrity of electronic documentation sent by one party and received by the other. Just as paper based transactions have signatures for the authentication of documents digital signatures is the way forward for electronic transactions and all types of documents exchanged electronically.
In fact, Digital Signatures can achieve a much higher degree of trust than is possible with documents authenticated by hand. Digital signing allows the recipient of the e-transaction to know with certainty that it originated from a specific party (termed non-repudiation) and that no changes have been made after the transaction has been digitally signed (accomplished integrity).
Recognising this need the Central Bank of Sri Lanka (CBSL) invited LankaClear (Pvt) Ltd. (LCPL) to be the Financial Sector's Certification Service Provider and LCPL launched LANKASIGN on 22nd May 2009, in accordance with the Electronic Transactions Act No. 19 of 2006.
A Certification Service Provider (CSP) is a trusted authority which issues and manages security credentials and public keys for message signing and encryption. As part of a Public Key Infrastructure (PKI), a CSP checks with a Registration Authority to verify information provided by a requestor of digital certification. Once the Registration Authority (RA) has verified the requestor's information, the CSP can issue a Digital Certificate which can be used for the purpose of signing and encrypting electronic transactions or for any purpose which requires authentication of a document.
In an era where even an e-mail may require authentication, LankaClear's digital certification products under the brand name LANKASIGN is the most convenient and cost effective solution.
As the first phase, LankaClear began providing digital certificates to participant banks that are connected to LCPL for security enhanced clearing applications through LCPLs VPN network. In the second phase LANKASIGN will provide digital certificates for any financial sector enterprise applications and end users which will be made available on the public network. This will be of great value not only to the financial sector in Sri Lanka but to anyone needing digital certificates. These digital certificates of LANKASIGN will save Financial Sector enterprises valuable foreign exchange which they currently incur procuring certificates from foreign CAs at a high cost.
The following new products were introduced to the market at the official launching ceremony held on 9th February 2011 at Hotel Galadari:
Email/Document Signing Certificate SSL Server CertificateThe first Email Signing Certificates were handed over to Bank of Ceylon and PABC Bank by Ms. Priyantha Liyanage, Chairperson of LankaClear.
LANKASIGN is a major achievement in the payment and settlement sphere in Sri Lanka and will surely encourage more institutions in the financial sector to adopt cost effective digital certificate based technology for enhanced information security transactions.
Just as the Cheque Imaging and Truncation System eliminated the cumbersome process of physically carrying cheques in bulk to a central clearing house, soon LankaSign will eliminate the need for paper based payment instruments and help Sri Lankans to engage in e-commerce in a secure environment.
The general public can benefit by the launch of the new certificate products through the relatively cheaper option of LankaSign for security of documents, e-mails and internet banking access, which were not available before. The Corporates will save costs by obtaining a local certification for the security of their internal operations and e-commerce activities.
Quite apart from the benefit that can be expected by the public, the country will save valuable foreign exchange which is now spent on obtaining high cost certifications of foreign origin.
LANKASIGN is a major achievement in the payment and settlement sphere in Sri Lanka and will surely encourage more institutions in the financial sector to adopt cost effective digital certificate based technology for enhanced information security transactions.
Just as the Cheque Imaging and Truncation System eliminated the cumbersome process of physically carrying cheques in bulk to a central clearing house, soon LankaSign will eliminate the need for paper based payment instruments and help Sri Lankans to engage in e-commerce in a secure environment.
The general public can benefit by the launch of the new certificate products through the relatively cheaper option of LankaSign for security of documents, e-mails and internet banking access, which were not available before. The Corporates will save costs by obtaining a local certification for the security of their internal operations and e-commerce activities.
Quite apart from the benefit that can be expected by the public, the country will save valuable foreign exchange which is now spent on obtaining high cost certifications of foreign origin.
For further details, please contact
Mr Harsha Wanigatunga
Head of Operations
LankaClear (Pvt) Ltd.
(The National Clearing House)
Level 18, BOC NHQ Building
Bank of Ceylon Mawatha
Colombo 01
Tel: 2356960, 0777-263150
