NDB Banks joins the InterBank USD Online Payment System

September 28, 2023 at 12:30 PM
Dinuka Perera, LankaPay – Deputy CEO; Channa Silva, LankaPay – CEO; Sanjaya Perera, NDB – SVP Personal Banking & Customer Experience; Zeyan Hameed, NDB VP Branch Network Management & Product Development.

NDB is proud to announce its appointment as a member of the LankaPay USD Online Payment System. The Sri Lanka Interbank US Dollar On-line Payment System is yet another payment product introduced by LankaPay with the aim of assisting the Central Bank of Sri Lanka (CBSL) and the economy by curtailing the foreign exchange outflow from the country when processing US Dollar transfers.

Prior to the introduction of the 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. However, with the introduction of the Sri Lanka Interbank US Dollar On-line Payment Facility,  domestic USD transactions can now be routed locally, resulting in a drastic decrease in transaction processing fees.

Additionally, this online clearing facility is a much faster and a more convenient option of clearing USD drafts and Cheques, of which the clearing process is handled by LankaPay.

LankaClear, as the operator of Sri Lanka’s National Payment Network – LankaPay, is the national payment network that functions under the guidance and supervision of the Central Bank of Sri Lanka (CBSL).

This system offers numerous benefits to both its member banks and their customers. Primary of which is the lower transaction cost (transaction fees) for both banks and customers, as well as enhanced turnaround time (TAT) and prompt in-time zone settlements. Furthermore, the system also facilitates increasing efficiency in small-value commercial transactions by providing greater convenience for banks and reducing administrative inconveniences.

Despite the industry wide foreign currency deficits that had prevailed in the past, due to its strategic planning and advanced data driven decision making processes the Bank was able to maintain a stable foreign currency flow. To this end, NDB’s recent integration with the LankaPay USD Online Payment System will further ensure customers of efficient and seamless dollar transactions.

NDB Bank is the fourth-largest listed commercial bank in Sri Lanka. The Bank was recently named the Retail Bank of the Year and the Best Corporate Bank 2023 by Asiamoney and also emerged as the Most Awarded Corporate in Sri Lanka in 2022 for the second consecutive year, as per the annual rankings of Sri Lankan publication LMD. The Bank was adjudged the Best Bank in Sri Lanka 2022 by Global Finance USA and Euromoney in their annual best bank awards programmes. Additionally, The Bank was named one of the “Top 50 Best Workplaces in Sri Lanka 2022” by Great Place To Work, USA. NDB is the parent company of the NDB Group, comprising capital market subsidiary companies, together forming a unique banking and capital market services group. The Bank is committed to empowering the nation and its people through meaningful financial and advisory services powered by digital banking solutions.