ComBank partners LankaClear to become first Bank to accept digital signatures in Sri Lanka
The Commercial Bank of Ceylon has announced it is now accepting digitally signed documents from business customers using LankaSign operated by LankaClear, the only commercially operating Certification Authority in the country which complies with the Electronic Transactions Act.
The Bank recently signed a Memorandum of Understanding with LankaClear as the first step towards embracing digital signatures. Commercial Bank is the first entity in Sri Lanka’s financial sector to adopt LankaSign digital signatures for document signing.
In the first phase of this development, the Bank will encourage its corporate customers to submit their online banking applications signed
digitally. Acceptance of digital signatures will be extended to other banking related documents shortly, the Bank said.
Commenting on the roll out of digital signature acceptance for the Bank’s customers, Commercial
Bank Managing Director Mr S. Renganathan said: “While technology offers unparalleled convenience and advantages to financial institutions and their customers, there are security and fraud related risks. With the exponential increase in the use of electronic transactions, the need for advanced IT security infrastructure becomes critical in order to eliminate these risks.
The introduction of the digital signature feature powered by LankaSign is therefore another important step in this direction.”
“Additionally, the adoption of digital signatures is an advance in convenience for our corporate customers, especially during the pandemic,” Mr Renganathan said.