SL Interbank Payments / Overview
Sri Lanka Interbank Payment System (SLIPS) is an online interbank electronic fund transfer system catering mainly for low-value payments (up to Rs 5 million). Electronic Funds Transfer (EFT) is a movement of funds from one account to another without the corresponding piece of paper to authorize or prove that the transfer had occurred. Thus, crediting and debiting of accounts are handled more promptly and accurately without the need to write cheques, pay orders or vouchers. Moving electronic records rather than paper results in payments being processed much efficiently with advanced security features and audit trails.