CB, ICTA to develop new payment platform under existing laws
The Central Bank is now involved in the development of a new National Payment Platform (NPP) for digital financial transactions under existing legislation, after recent efforts to set up the platform outside the purview of the Central Bank hit a brick wall.
Telecommunication and Digital Infrastructure Ministry Secretary Wasantha Deshapriya, speaking to Mirror Business said his ministry and its technology implementation unit, the Information Communication Technology Agency (ICTA), are in the process of submitting a proposal to the Central Bank.
“It is being revisited by the Ministry and ICTA and we are making sure that we will be submitting an application to the Central Bank. The Central Bank will then go by the Payment and Settlement Systems Act and get in, and put it in their framework. That is the plan,” he said.
He was speaking on the sidelines of the second Sri Lanka Broadband Forum jointly organized by his ministry and the Chinese ICT manufacturing and service provider Huawei, in Colombo, yesterday. According to Deshapriya, there is already a robust line of communication between ICTA and the Central Bank for the development of a new NPP.
He said that the Central Bank and ICTA will start re-tendering for service providers to develop the new NPP.
“The original setup will not be implemented. They (Central Bank) want to restart it,” Deshapriya said. The original NPP development process had started in mid-2015, and over the course of the past two years three IT service providers had been chosen as facilitation partners to develop the consumer end of the platform, while another leading IT company was chosen to build the core NPP.