Banks queue up to enter common ATM system

March, 16, 2014

Several banks are reportedly preparing to join the Common ATM Switch by Sri Lanka’s national payment infrastructure provider LankaClear, which caused a revolution in the country’s banks and financial institutions’ domestic payment and recovery processes.

While expressing his views on this, LankaClear Chief Executive Officer Sunimal Weerasuriya told AdaderanaBiz that by now the Bank of Ceylon, People’s Bank, Seylan Bank and the Union Bank have joined this network.

Meanwhile, the National Savings Bank and several other banks are in the process of joining this network.

“We expect all banks that utilise Automated Teller Machine (ATM) facilities to join this network by end this year,” said Weerasuriya.

When all banks enter this common teller machine network it would make it easier for the customers to withdraw cash from any teller machines at a lower fee.

Currently customers need to pay as much as Rs. 80 to withdraw cash from another bank under the Visa or MasterCard facilities. However, through this common service whatever the teller machine the customer uses to withdraw the cash, the cost would be as low as nearly Rs. 15 only.