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 Online Clearing System, any domestic interbank US dollar 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 Payment System offer following benefits to banks and its customers.
The above are the cut off times for member banks & financial institutes.