Regulatory Alerts2022-02-28 | General Direction No. 04 of 2022General Direction No. 04 of 2022 - Operations of the Common Point-of-Sales Switch
The Monetary Board of the Central Bank of Sri Lanka issued General Direction No. 04 of 2022 to regulate the operations of the Common Point-of-Sales Switch (CPS) operated by LankaClear (Pvt.) Ltd. This directive mandates that CPS Members and LankaClear adhere to specific operational responsibilities, including maintaining 24/7 system availability, ensuring robust business continuity and disaster recovery plans, and strictly observing confidentiality requirements. It further requires members to comply with technical standards, settle net balances via the RTGS system, and submit to CBSL reporting and oversight to facilitate the clearing of not-on-us POS transactions.
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