Commercial Bank offers instant fund transfers to other banks via CEFTS

The Commercial Bank of Ceylon has announced that for the first time in Sri Lankausers of the bank’s online banking facility can now make instant, real-time transfers of funds from their Commercial Bank accounts to accounts in other banks, via the LankaPay–CommonElectronic Fund Transfer Switch (CEFTS) launched by LankaClear Ltd.

LankaPay– CEFTSis a cost effective, convenient, integrated electronic payment system operated by LankaClear under the guidance and approval of the Central Bank of Sri Lanka. This system facilitates secure real-time payments 365x24, where the recipient will receive the funds within a fraction of a second.

Funds up to Rs. 100,000 may be transferred at a time through this new feature accessible at www.combank.lk, significantly enhancing convenience to customers, the Bank said.

“Commercial Bank has always been committed to providing the latest technology to enhance speed and convenience for customers,” the Bank’s Assistant General Manager – Information Technology Krishan Gamage said. “CEFTS represents a new dimension in banking convenience, and we are delighted to provide real-time inter-bank payments via online banking.”

Commercial Bank is a leader in Sri Lanka’s banking sector for technology-enabled banking and payments and ‘anytime, anywhere’ customer banking. The bank’s ATM network is also the largest electronic cash dispensing facility owned by a single bank in the country.

Commercial Bank’s overseas operations encompass Bangladesh, where the bank operates 18 branches and Myanmar, where it has a Representative Office in Yangon. In September 2015, the bank received regulatory approval for the establishment of a fully-fledged Tier I Bank in the Republic of Maldives.