Commercial Credit joins LankaPay common ATM network
ECONOMYNEXT – Commercial Credit & Finance PLC recently joined the LankaPay Common ATM Network linking over 95% of automated teller machines in Sri Lanka.
The network allows common usage of ATMs deployed by individual banks by the customers of all member banks, creating a high level of convenience and greater economies of scale, a statement said.
Having a domestic payment network has also brought in significant cost benefit, by facilitating domestic inter-bank transactions which would have otherwise been channeled through foreign switches, it said.
The LankaPay Common ATM Switch (CAS) carries over 2.5 million domestic interbank ATM transactions every month.
Other members of the network include People’s Bank, Bank of Ceylon, Hatton National Bank, Seylan Bank, NDB Bank, Union Bank, Regional Development Bank, Commercial Bank, Cargills Bank, Habib Bank, Standard Chartered Bank, Sampath Bank, Pan Asia Bank, Nations Trust Bank, DFCC Bank, Public Bank, National Savings Bank, HDFC Bank,MCB Bank, Axis Bank and Amana Bank.
(COLOMBO, July 26, 2016)