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13 th SAARC Payments Council Meeting Thimpu , Bhutan July, 2013

Recent Payment & Settlement System Developments in Sri Lanka. 13 th SAARC Payments Council Meeting Thimpu , Bhutan July, 2013. National Payment & Settlement System of Sri Lanka. Major Developments in 2013.

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13 th SAARC Payments Council Meeting Thimpu , Bhutan July, 2013

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  1. Recent Payment & Settlement System Developments in Sri Lanka 13thSAARC Payments Council Meeting Thimpu, Bhutan July, 2013

  2. National Payment & Settlement System of Sri Lanka

  3. Major Developments in 2013

  4. The Common ATM Switch (CAS), the first phase of the Common Cards and Payment Switch (CCAPS), was launched in July 2013. • Two state commercial banks joined CAS in the inaugural stage. • CAS offers inter-linked service across all the ATMs of CAS member institutions enabling customers of member institutions to carry out their ATM transactions in domestic currency through any ATM of member institutions conveniently. Common ATM Switch

  5. CAS improves the efficiency and effectiveness of the domestic ATM network thereby reducing transaction costs in the financial system. • More importantly, CAS will contain the outflow of foreign exchange involved in domestic ATM transactions that existed previously. Common ATM Switch

  6. Adoption of Terminal Line Encryption (TLE) technology in Point-of-Sale (POS) terminals was made mandatory for financial acquirers by the National Payments Council, which is the highest policy making body for the national payment system in Sri Lanka. • Accordingly, migration to TLE was completed by 31 March 2013. • As at end March 2013, the total number of TLE enabled POS terminals operating across the country amounted to 24,949. Terminal Line Encryption Technology

  7. Two Directions were issued in 2013 with respect to the Common ATM Switch, namely • General Direction No. 01 of 2013 – Operations of the Common ATM Switch • General Direction No. 02 of 2013 –Fees Chargeable on the Transactions effected through the Common ATM Switch Regulating the Common ATM Switch

  8. General Direction No. 01 of 2013 – Operations of the Common ATM Switch • To be adhered by the operator and members of CAS • Specifies responsibilities of the operator and members of CAS, and arrangements for business continuity and maintaining data confidentiality • General Direction No. 02 of 2013 –Fees Chargeable on the Transactions effected through the Common ATM Switch • To be adhered by CAS members • Sets out upper limits on fees to be charged from the customer by the issuer and interchange fees to be charged from the issuer by the acquirer, with respect to cash withdrawals and balance inquiries Regulating the Common ATM Switch

  9. The Regulation on payment cards and mobile payment systems was revised inter alia to: • streamline the licensing procedure; • revise regulatory powers relating to enforcing the Regulation; • change the eligibility criteria to apply for a licence; • simplify the classification of businesses relating to payment cards and mobile payment systems; • adopt a more flexible fee structure. Revision of the Regulation on Payment Cards and Mobile Payment Systems

  10. THANK YOU !

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