Oct 22, Colombo: Sri Lanka's first Common Automated Teller Machine Switch connecting Bank of Ceylon and People's Bank ATM networks is to be expanded with the participation of more banks.
Lanka Clear (Pvt) Ltd. which provides payment structure says that more banks will join the service soon.
The Common ATM Switch commenced on July 23 this year with the participation of Bank of Ceylon and People's Bank linking over 900 ATMs of those two banks.
At the launch of Lanka Pay, the Governor of Sri Lanka's Central Bank Ajith Nivard Cabraal urged all Sri Lankan banks to join the common system in order to promote improved common access to financial systems for Sri Lankans island-wide.
According to the Central Bank, the Common ATM Switch provides a mechanism to utilize the domestic ATM network more efficiently and effectively to reduce transaction costs in the financial system and to contain out flow of foreign exchange involved in the domestic ATM transactions under the existing arrangements.
Sri Lanka has 3,000 some ATMs island wide. However, only Bank of Ceylon, People's Bank and Union Bank have joined the Lanka Pay now. There are agreements between the banks and customers can access their accounts through other networks but for a substantial charge.