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CB PLANS TO INTRODUCE A COMMON ATM

Sep 13, 2011 11:18:37 AM - itnnews.lk

The Central Bank is planning to introduce a common ATM, mobile switch and a card switch as a common payment switch for the first time in Sri Lanka shortly.<p>According to Central Bank sources the mobile switch will have the facility to directly connect to mobile switches used by individual banks enabling inter bank settlements through the accounts maintained at the Central Bank.It is identifying the need to cater to the new payment instruments and payment channels.It has initiated the establishment of legal and regulatory systems for anticipated growth areas.The Bank said there will be a tremendous demand for further modernization of mobile payments systems in the country very soon.