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The Sri Lanka Interbank Payment System, commonly known as SLIPS, is a LKR-only online interbank payment and fund transfer system in Sri Lanka. [1] [2]SLIPS is owned by LankaClear, an organization owned by the Central Bank of Sri Lanka and all Licensed Commercial Banks operating in Sri Lanka, with 47.19% of shares held by the CBSL and State owned commercial banks, and 52.81% by other private banks.
The General Direction No 01 of 2018 as per the Monetary Board of the Central Bank of Sri Lanka under section 44 of the Payment and Settlement Systems Act No 28 of 2005 came into immediate effect as of 25 July 2018 implies to the operations of the Common Electronic Fund Transfer Switch, Lanka Clear (Pvt) Ltd and members of CEFTS. [8]
The Sri Lanka Interbank Payment System (or SLIPS in short) is the largest account-to-account fund transfer network in Sri Lanka. [2] Created by LankaClear, it enables member banks to carry out same-day transfers of up to Rs. 5 million, in a secure paperless process. [3] [4]
Compared to other money transfer apps, Cash App does more than peer-to-peer transfers. Users can pay for purchases from Square Sellers, buy and sell bitcoin, invest in the stock market and file taxes.
However in October, the Central bank of Sri Lanka noted that approving Mir in Sri Lanka was impossible due to US sanctions. [68] Instead Sri Lankan and Russian banks signed an agreement which allows Russian tourists to remit money to Sri Lankan banks before arrival by direct transfers between Russian and Sri Lankan banks. [69]
On 21 July 2023, President Ranil Wickremesinghe and Prime Minister Narendra Modi signed an agreement for UPI acceptance in Sri Lanka. [221] On 14 October 2023, Narendra Modi announced that India and Sri Lanka are working on connecting UPI with Lanka Pay. [222] On 10 November 2023, the successful integration was shown by scanning LANKAQR with ...
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