Group Photograph of the members of PEN, from left: LankaClear IT and Operations DGM Dinuka Perera, Sampath Bank Consumer Banking Snr. DGM Tharaka Ranwala, NSB General Manager/CEO
Kumaratunge, LankaClear GM/CEOChanna De Silva and SLBA Secretary GeneralRavi De Silva Group Photograph of the members of the Direct Debit Authorization, from left:Seylan Bank Chief Information OfficerHarsha Wanigatunga , LankaClear IT and Operations DGM Dinuka Perera,Deutsche Bank Chief Country OfficerVikas Arora ,Standard Chartered Bank CEO Bingumal Thewarathanthri, NSB General Manager/CEODamitha Kumari Rathnayake , Central Bank Payments and Settlements Director D. Kumaratunge, SLBA Secretary GeneralRavi De Silva , LankaClear GM/CEOChanna De Silva ,LOLC Finance CEO and DirectorConrad Dias , Public Bank Country HeadAngelo Fernando and CDB Finance Managing Director/CEOMahesh Nanayakkara PEN to simplify online person-to-person transactions DDA focuses on easing payment collections, replacing standing orders Regulators call for more banks to adopt tech faster Online transactions grow whopping 85% during curfew ByUditha JayasingheIn an effort to increase cashless transactions, LankaClear yesterday launched two new initiatives, the Payment Exchange Name (PEN) and Direct Debit Authorisation (DDA), to encourage the public to table " border="0" cellpadding="1" Central Bank Payments and Settlements Director D.
Kumaratunge LankaClear GM-CEOChanna De Silva continue online transfers that grew exponentially during COVID-19 curfew.PEN is for real-time payment system facilitated via LankaPay Common Electronic Fund Transfer Switch.
Essentially PEN allows customers to make payments by assigning a nickname to each account held by the customer, and linking it with their mobile number. LankaClear CEO
"PEN will simplify online statements and make them accessible to less tech-savvy people. There is no longer need to maintain numerous profiles for different people.
Customers of PEN member banks can select the phone number and the respective PEN to complete transfers. No sensitive information will be transferred via the PEN and so the system is completely secure," he said.
Banks, insurance, leasing and utility companies are expected to find this mechanism useful as they have to collect regular payments. This method is widely used in other countries, de Silva noted.
"One of the biggest challenges to getting Sri Lankans to adapt to online transactions is because there is an abundance of bank branches and ATMs in most parts of our country. In other countries banking penetration is much lower and so people have no choice but to adapt to digital money transfers.
However, due to the curfew imposed to control COVID-19 people increased their online transactions by as much as 85-90% and we are hopeful this will continue. Banks are also investing in new digital platforms but there needs to be more awareness creation so people will join and use these new technologies," Central Bank Payments and Settlements Director D.
Kumaratunge said.Pix by
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