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.
- SLIPS is initiated by the Central bank of Sri Lanka in 1993 and SLIPS Operation transferred to the LankaClear in 2002 at time LankaClear was formed.
- SLIPS T+0 Clearing stared on 2010 and 1st in South Asia to Provide Same day Clearing Facility for Retail Bulk Payments
- The interbank transactions gets settled through the RTGS system of Central Bank Sri Lanka.
- 46 SLIPS System participants are currently on board.
- There are two types of SLIP System Participants
- Primary Participants - Any license Commercial Banks in Sri Lanka
- Secondary Participants- Non-Commercial Banks in Sri Lanka & any other Financial institutions function in Sri Lanka
- The SLIP System supported two Transaction types
- Credit Transactions
- Debit Transactions
- In present there are three Clearing sessions per Business day.
- Session 01 - Clearing window open time is 3.00 PM to 8.00 PM and only for value dated transactions are allowed
- Session 02 - Clearing window open time is 9.00 AM to 11.00 AM and value dated & T+ 0 transactions are allowed
- Session 03 - Clearing window open time is 12.30 PM to 1.30 PM and value dated & T+ 0 transactions are allowed