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Apr 07, 2018

NPP now comes under the purview of CBSL

The much debated National Payment Platform (NPP) project, suspended in August 2017 will be further reviewed before it gets off the ground under the watchful eye of the Central Bank, official sources said.

The Bank now coming under the Finance Ministry on a directive of the  President, will supervise and monitor the entire process of developing and implementing of the NPP to facilitate digital payments with the working of the core platform, the payment gateways of banks, and digital payment applications,

In 2015, the then Finance Minister Ravi Karunanayake allocated a sum of Rs. 25 billion from the national budget for the National Payment Platform.

This NPP is to be devised by integrating traditional and non-traditional payment and settlement systems while separating business messaging from financial messaging.

However, the Finance Ministry and the Central Bank have now been vested with the task of taking the project forward with necessary modifications.  

The NPP will be within the regulations of the Payment and Settlement Systems Act No 28 of 2005 and in line with the requirements of the Central Bank (CB).

NPP is to be devised by integrating traditional and non-traditional payment and settlement systems while separating business messaging from financial messaging.

Financial messaging will be the scope of the CB while business messaging will be the scope of various other innovative entrepreneurs’ ventures.

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