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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Union Bank certified as first private bank on CEFTS

Union Bank certified as first private bank on CEFTS

3 posters

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Teller

Teller
Moderator
Moderator

Union Bank (UBC) is the first private bank to be certified to the Common Electronic Fund Transfer Switch (CEFTS) creating greater banking convenience.

As a Bank synonymous for technology firsts in the Banking industry in Sri Lanka, this move supports the bank’s real-time payment revolution.

Rajeev Munasinghe, Vice President - Information Technology of Union Bank said that,“The system enables faster and reliable real-time payment and enhances the customer payment process, creating an efficient payment gateway with limitless possibilities that engages ultimate banking convenience.

CEFTS provides for real time and secure retail inter-bank electronic fund transfers. The seamless electronic payment system isused in settlement of bills and utility payments. It is a system where customers will be able to conduct highly secured real time fund transfers between banks at any given time from the comfort of their home or from the nearest ATM.

This initiative will be of significant value for Union Bank and leverages on the sharedinfrastructure to support in the innovation and introduction of new products and services.Union Bank has continued to use its IT interventions to grow its business more emphatically and this initiative adds value to the Bank’s premise to deliver unparalleled service and convenience to its customers.The CEFTS is supported by LankaClear and is an integrated payment system implemented under its Common Card and Payment Switch (CCAPS) supporting multiple domestic payment networks such as the Common ATM Switch (CAS).

piras

piras
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Can UBC move then?

Teller

Teller
Moderator
Moderator

Not because of this, but based on last financials it must possible. Net earnings increased amazingly. Good 23-24/- as medium to long term investment.

Thushara Ayya

Thushara Ayya
Moderator
Moderator

piras wrote:Can UBC move then?
I thing so Piras.....

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