CENTRAL BANK OF SRI LANKA

Payments and Settlements Department

17 September 2020

Payment and Settlement Systems Circular No 18 of 2020

To: CEOs/ Heads of LankaSettle system Participating Institutions,

Dear Sir/ Madam,

Revision of transaction fees of LankaSettle system and extension of cut-off time for accepting customer transactions

We wish to inform that the Monetary Board of the Central Bank of Sri Lanka (CBSL) has approved revision of transaction fees of LankaSettle system as follows.

• The Operator charge levied by CBSL on Participating Institution (PI) of LankaSettle system to be reduced from LKR 450/- to LKR 200/-
• The maximum fee of LKR 1,000/- per transaction, charged by PIs from customers for effecting fund transfers through the LankaSettle system to be reduced to LKR 400/-

Accordingly, the above revision of fees will come in to effect from 01 October 2020 replacing Payment and Settlement Systems Circular 03 of 2015.

Furthermore, the Attachment B of LankaSettle System Rules version 2.1 will be amended as per the Annex 1.

Additionally, we hereby instruct you to extend the cut-off time for accepting customer transactions until 1230 hrs. on every LankaSettle system business day (except days with a shortened business day) with effect from 01 October 2020.

Yours faithfully,

D Kumaratunge
Director/ Payments and Settlements

CC:
Superintendent of Public Debt- CBSL
Director/ Domestic Operations-CBSL

---

Annex 1

ATTACHMENT B

SCHEDULE OF THE LANKASETTLE SYSTEM FEES AND CHARGES

CBSL charges all LankaSettle Participants an all-inclusive per transaction fee of LKR 200/- with effect from 1st October 2020.

For the purposes of fees and charges a “transaction” is defined as:

(1) Any settled debits to their own Settlement accounts initiated by Participants within the LankaSettle System through the use of the following messages:

a. MT 102 – Multiple Customer Credit Transfer b. MT 103 – Single Customer Credit Transfer
c. MT 202 – General Financial Institution Transfer
d. MT 205 – Financial Institution Transfer Execution e. MT 541 – Receive Against Payment

(2) Any settled securities transactions initiated by participants within the LankaSettle System through the use of MT 540 – Receive Free message.

In addition to the transaction fees stated above, the participants have to bear SWIFT messaging related charges. These are independently billed by SWIFT and have to be paid by the participants to SWIFT directly.