Sri Lanka Interbank US Dollar On-line Payment System is yet another payment product of LankaClear aimed at reducing the foreign exchange outflow being transaction processing fees.
Prior to the introduction of USD
ON-LINE Payment System, any domestic interbank USD transfer needed to be convened via a NOSTRO account of the corresponding bank in New York. With the introduction of Sri Lanka Interbank US Dollar On-line Payment facility, the domestic USD transactions can now be routed locally, hence the transaction processing fees have come down drastically.
The online clearing facility is much faster and convenient option to USD drafts and Cheques, of which the clearing process too is handled by LankaClear.
Sri Lanka Interbank US Dollar On-line Payment System offer following benefits to banks and its customers.
1. What does it mean by an outward item?
Outward shall mean any item presented by originating Banks to LankaClear.
2. What does it mean by an inward item?
Inward shall mean item received by receiving Banks from LankaClear.
3. What does it mean by value date?
Value date shall mean the date the beneficiary shall be entitled to receive the monetary value.
4. What is settlement bank?
Settlement Bank carry out the settlement of accounts subject to the availability of funds by debiting or crediting of participant banks’ accounts according to the Net settlement figures provided by LankaClear in respect of each participating bank, on the value dates specified by LankaClear.
5. What is a NOSTRO account?
NOSTRO account shall mean a bank account held in a foreign country by a domestic bank, denominated in the currency of that country. Nostro accounts are used to facilitate settlement of foreign exchange and trade transactions.
6. What are the value date limitations of US Dollar Online Clearing Systems?
Same day clearing only in session 2 and any session accept T+1 to T+2 value dated transactions.
US Dollar On-line quarterly statistics for last 4 years (as available)