Accounts in Sri Lanka: new real-time Common Electronic Fund Transfer Switch (CEFTS) payment system

Last updated: 9 January 2019

Starting 8 December 2018, we’ve updated HSBCnet to support the Common Electronic Fund Transfer Switch (CEFTS) in Sri Lanka. The CEFTS payment system is a 24/7 payment system which supports real-time domestic Sri Lankan Rupee-currency fund transfers from your local LKR accounts in Sri Lanka.

In addition to introducing CEFTS payments on HSBCnet, you'll also see our enhanced payment screens when creating Priority Payment instructions from Sri Lanka-domiciled accounts.

What does this mean for me?

With the CEFTS payment system, you can send and receive LKR payments faster and more efficiently. It supports all local currency payment transfers up to LKR 5 million between participating banks within the CEFTS network in Sri Lanka, offering real-time credits to beneficiary accounts.

Please note the information in the table below if you choose to send funds using CEFTS:

What are the differences between sending CEFTS payments vs Sri Lanka Interbank Payment System (SLIPS)/ Real Time Gross Settlement (RTGS) payments in Sri Lanka?
	SLIPS and RTGS payments	CEFTS payments (effective 8 December 2018)
Service availability	Monday – Friday Excluding Public Holidays	Available 24/7/365 for immediate value Including Public Holidays
Processing cycle	Payments are debited and processed in line with assigned cut-off times	Payments are processed immediately
Supported currencies	Bank account currency	LKR only
Maximum payment amount (subject to the transaction limit set by your organization)	SLIPS - Up to LKR 5 Million RTGS – Any value	Payments up to LKR 5 Million

What's changed on HSBCnet?

1. HSBCnet Priority Payment screens:
From 8 December 2018, when you create a Priority Payment from a Sri Lanka-domiciled LKR account, you’ll see updated fields as follows:

Intuitive Fields:
As you complete the payment details, a ‘CEFTS fund transfer payments’ checkbox will become available, allowing you to select this option based on the criteria you’ve entered, including the payment amount.

Bank identifier:
Since CEFTS payments can only be processed by participating banks within the CEFTS network in Sri Lanka, the beneficiary bank’s SWIFT BIC or designated CEFTS BIN will be required.

2. HSBCnet File Upload service:
There is an enhanced payment file specification for sending CEFTS fund transfer payments. If you plan to submit Priority Payment files for such payments through the HSBCnet File Upload service or HSBC Connect, please contact your local Client service representative to obtain an updated Message Implementation Guide (MIG).

Find out more

If you have any questions, please contact your local HSBCnet Support Centre or Client Services representative.