This online payment platform will facilitate online payments from all commercial banks. LPOPP has been designed to communicate with any outside system on one side while the same Payment Platform will also be the front end for the participating Banks of LankaClear’ s Common Electronic Fund Transfer Switch (CEFTS) to liaise with the LPOPP participant.
The customers can now directly connect to their respective bank via any channel connected to CEFTS (Internet, Mobile, ATM or Over the Counter) to make the required payment. Further, these payments will be credited on a real-time and 24 X 7 basis using CEFTS to the designated LPOPP participant’s bank account. LPOPP system provides its participants with the required payment confirmation details on a real-time basis while the relevant reports and other information to be provided agreed upon mutually for reconciliation purposes.
The settlement of the payment between the two state banks and other commercial banks would be via Central banks Real Time Gross Settlement System (RTGS) and will be under the direct regulation and supervision of the Central Bank. LankaClear payment systems are Payment Card Industry – Data Security Standard (PCI-DSS) Version 3.2 and ISO 27001:2013 certified to ensure the highest level of security compliance. These standards are internationally recognized and widely accepted set of policies and procedures intended to ensure the security of payment transactions.