Cargills Bank moves towards electronic money transfer systems offering efficient and fast banking service. With technology evolving at a rapid pace, customers constantly seek convenience in their everyday financial activity, opting for simple, safe and easy methods to carry out their financial transactions.

The bank introduced real time electronic payment in collaboration with LankaClear ,Sri Lanka’s national payment infrastructure provider to offer customers the ability to make real time immediate transfers from Cargills Bank either by visiting any of their branches or by logging in to their Internet Banking (IB) upon launching it in the near future.

Cargills Bank is the sixth commercial bank to join the Common Electronic Funds Transfer (CEFT) enabling their customers to transfer funds to any other participating bank online real-time and also receive funds from any of these banks on a real time basis.

This facility would be extended to the bank’s Mobile Banking and ATM network in the near future, the Cargills Bank Chief Information Officer Chanaka Wanigasooriya said.

This facility would be availed to both retail and corporate customers of Cargills Bank enabling transfer amounts up to rupees five million using the backbone infrastructure provided by Lanka Clear. “Payment systems are a critical component of any modern economy and the efficiency of a payment system has a direct impact on the overall.

Lanka Clear DGM – IT & Operations/ Project Director CCAPS Mr. Harsha Wanigatunga commended the commitment and speed at which Cargills Bank team accomplished this integration.

This will definitely reduce the usage of cash and cheques Mr Wanigasooriya said, adding that currently Sri Lanka Customs is linked to CEFT and plans are to link other governmental organizations through Lanka Government Payment System. He thanked Lanka Clear for their efforts in making this project a success.

A flawless real time electronic payment system is a vital component that helps drive a modern economy and it is to lean less on cash and cheques and more towards electronic payment systems, he opined.

Cargills Bank was among the very first LankaPay member institutions to connect with the national payment network via the LankaPay hosted solution, which consists of the Shared ATM Switch (SAS) and the Card Management System (CMS) with state-of-the-art technology.

The electronic payment systems in Sri Lanka have been continuously evolving since its debut in 1993. Originally introduced by the Central Bank as Sri Lanka Interbank Payment System (SLIPS), which was subsequently taken over by Lanka Clear in 2002, the infrastructure has continuously improved throughout the years and now accommodates a same day fund transfers.

Cargills Bank being the newest entry to the banking domain in Sri Lanka is expanding its digital ready infrastructure to reach out to its customers. The bank consists of 11 branches Island-wide with its latest branch openings in Jaffna and Chunnakkam in the Northern Province.

Cargills Bank branch network provides a range of services and products, including Current and Savings accounts, Foreign Currency Accounts, Fixed Deposits, Advances and Loan facilities, Trade services, Treasury services, and Remittances, branch network expansion is in accordance with the bank’s tag line “Banking on the Human Spirit” which is to be the bank that provides support to the human spirit’s endeavor to strive for success.

The Bank has been persistent and passionate in instilling the savings habit in the people of Sri Lanka and its savings initiatives have been extended to all Sri Lankans through widespread promotional campaigns.

These new bank branches are bound to add more convenience and banking opportunity to the people in rural areas.The Bank focused in providing financial inclusion to the people in Sri Lanka by bringing a comprehensive range of financial services to the underserviced.

The strategic direction of Cargills Bank is to further establish itself as the preferred Bank for retail banking through a comprehensive expansion programme which includes brand building, widening of the network, adding value to the existing product portfolio and launch of new products and services supported by modern state-of the-art systems.

Source: SundayTimes