The Common POS Switch (CPS) which is also known as “LankaPay - CPS” LankaPay – CPS links all POS switches of the LankaPay – CPS Members to facilitate Payment Card Transactions originated from any POS terminal of LankaPay – CPS Members in a unified infrastructure to ensure seamless interoperability across the LankaPay - CPS.
The main function of the LankaPay - CPS is switching and clearing of Not-On-Us POS Transactions between LankaPay acquirers and issuers. Currently LankaPay/JCB co-badged debit cards POS transactions are routed through LankaPay – CPS and LankaPay – CPS has the capability of routing POS transaction of any card issued under any card scheme.
The objectives of the LankaPay - CPS are to achieve maximum efficiency (including cost effectiveness) and speed with regard to switching of domestic/cross-border Not-On-Us POS Transactions while promoting international standards and security measures on card based payments in Sri Lanka.
Further LankaPay – CPS will facilitate integration of future not-on-us POS services, improve the efficiency of Not-On-Us POS Transactions while Central Bank of Sri Lanka has mandated all fees and charges that a LankaPay – CPS member can charge from the customer and it also mandated the Merchant Discount Rate (MDR) applicable for transactions routed through LankaPay – CPS