Business and Management
Submitted By rifas
Lanka Settle System operated by the Central Bank and the Cheque Clearing System operated by Lanka Clear (Pvt.) Ltd are important payment systems in Sri Lanka. The Lanka Settle System consists of the Real Time Gross Settlement (RTGS) System, which is the only large value electronic payment system in the country, and the Lanka Secure System, which is the government securities settlement system. Lanka cheque clearing system carried out technological and process advancements to the Cheque Clearing in efficiency improvements manner. It was the benefited to the commercial bank customers. Electronic retail payment systems, the Central Bank continued to provide necessary assistance for the establishment of the Common Card and Payment Switch to common platform. The ATM network operate in efficiently and effective and reduce the costs incurred by financial institution. The Central Bank revised the relevant regulation due to new developments in relation to electronic retail payment systems.
Finally the components of the financial system are interrelated and giving the end outcomes. They are interrelated in the following manner; financial institutions aid the flow of money in the economy. For consumers they provide key money management services. These include checking, savings, and credit accounts. Most institutions also provide online banking, 24-hour ATMs, and other services to make banking more convenient. A checking account is the first financial service needed by most consumers. Types of checking accounts include basic, lifeline, and interest-bearing checking accounts. Each meets different consumer needs. Shop around and ask questions before choosing a specific account and financial institution. Managing a checking account involves certain basic skills making…...