Sampath Bank pioneers SL’s standardised API banking platform redefining transaction banking

Wednesday, 18 June 2025 00:04 - - {{hitsCtrl.values.hits}}

Sampath Bank Chief Strategy Officer Sanjaya Gunawardane

Sampath Bank said yesterday it has set a new milestone as the first bank in Sri Lanka to launch a standardised Application Programming Interface (API) platform.

This revolutionary move redefines corporate banking by simplifying and automating intricate financial processes for businesses of all sizes, reflecting the Bank’s steadfast commitment to providing agile, technology-driven solutions for its expanding base of corporate and SME clients.

API banking fundamentally transforms traditional banking by exposing core functions and data as web services accessible to third-party applications. This approach creates a more interconnected and flexible ecosystem that enhances convenience, encourages innovation and improves efficiency in delivering and consuming financial services.

The new platform empowers businesses to seamlessly integrate Sampath Bank’s core banking capabilities into their internal Enterprise Resource Planning (ERP) systems. This integration supports faster supplier payments, streamlined collections, real-time balance inquiries and trade-related transactions, while maintaining established approval chains and audit controls inherent in corporate systems.

Driven by a deep understanding of digitalisation’s transformative potential, the development of this platform aims to empower corporate decision-makers by saving time and increasing visibility across financial operations.

Sampath Bank Chief Strategy Officer Sanjaya Gunawardane said: “There is no longer a need to spend hours managing physical payments or manually reconciling bank records. This platform empowers businesses, enabling them to configure, validate and execute transactions securely through a single interface. Our goal was to deliver an end-to-end solution that not only boosts efficiency but also transforms the overall banking experience. This is part of our ongoing commitment to introducing cutting-edge technologies to reshape the Sri Lankan business landscape.”

Addressing a critical challenge in financial supply chain management, this innovation offers companies a suite of ready-to-integrate APIs, automated testing tools and rapid on boarding processes that make it possible to go live within days rather than weeks. Standardisation significantly reduces development timelines, simplifies on boarding and creates new opportunities for third-party IT providers to deliver scalable solutions to multiple clients.

Security, compliance and data protection remain central to this initiative, as every transaction conducted through the platform is governed by Sampath Bank’s rigorous internal controls and aligns with the regulatory framework set by the Central Bank of Sri Lanka.

Corporate and SME clients interested in accessing these advanced capabilities can connect with their relationship or branch managers or visit their nearest branch.

This launch marks another major step in Sampath Bank’s journey towards advancing digital-first corporate solutions in Sri Lanka, strengthening dynamic partnerships and supporting the nation’s transition into a new era of technology-driven financial services.

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