Common ATM Switch attracts banks
View(s):The Common Automated Teller Machine (ATM) Switch that was launched in July with Bank of Ceylon and People’s Bank linking over 900 ATMs of those two banks, has seen interest from some major banks in joining this system, officials said.
“HNB has completed testing this system with us and they will join soon. Also Seylan and Union Bank are still testing and once this is done they too will come onboard,” a LankaClear Ltd (LCPL) official told the Business Times.
He said the system will allow ATM card holder customers of those banks to withdraw cash and carry out balance inquiries from any ATMs of those two banks. He added that NSB will start testing this system soon.
“Gradually, it is expected that other commercial banks will join the Common ATM Switch as primary members and other financial institutions as secondary members after completion of necessary changes to their ATM operational systems,” he said, adding that in such a situation, customers of member institutions will be able to carry out their ATM transactions in domestic currency through any ATM of member institutions conveniently.
Pursuant to a recommendation made by the National Payments Council in November 2010, LankaClear Ltd. (LCPL), with the approval of the Monetary Board of the Central Bank initiated a Common Card and Payment Switch (CCAPS) to provide a common platform for electronic retail payments.
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