The Commercial Bank of Ceylon has announced that for the first time in Sri Lanka, users 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 - Common Electronic Fund Transfer Switch (CEFTS) launched by LankaClear (Pvt) Ltd.

LankaPay - CEFTS is 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 Mr. 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 Online Banking service offers customers the ability to check balances of their current, savings, investment, loan, and credit card accounts, and to transfer funds between own accounts and to registered third parties who have Commercial Bank accounts, on a real-time basis round the clock. Users are also able to invest in Treasury Bills and effect payments for share trading, apply for Fixed Deposits, Personal Loans and Housing Loans using Online Banking.

The Online Banking service also supports bill payments to more than 36 entities in nine categories such as Telephone, Electricity, Water, Credit Cards, Insurance, Pay TV, Schools and Rates.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for five consecutive years, Commercial Bank operates a network of 246 branches in Sri Lanka. The Bank was ranked the most valuable private sector brand in Sri Lanka in 2014 and has also won multiple awards as Sri Lanka’s best bank from a number of international publications over several years. The Bank was adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013 and 2014.

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.