Hybrid company to launch NPP receives approval

Hybrid company to launch National Payment Platform receives cabinet approval

by Staff Writer 23-02-2018 | 9:19 PM
COLOMBO (News1st): This week News1st reported that once again the proposal to establish a separate hybrid company to launch the National Payment Platform ( NPP), has received cabinet approval. Today, The Island news paper reported that Deputy Minister Dr. Harsha de Silva has initiated talks with the Governor of the Central Bank to iron out differences over the proposed NPP. News1st spoke to Deputy Minister Dr. Harsha de Silva to inquire how these talks are progressing. The Deputy Minister said, the Central Bank and the Information Communication Technology Agency (ICTA) have held discussions on four particular points regarding the proposed NPP, and that both parties are in agreement on initiating one out of the four. He explained how the new National Payment Platform will be formed. In his explanation, the NPP is identified as a 'One button system', comprised of two parts. 1. Financial Messaging - This deals with the private financial details of the customers. These transactions also go through the respective bank of the customer who is using the payment platform. 2. Business Messaging - This deals with a more customer faced approach. It is identified as a 'non-bank' entity and deals with the customer and the vendor. The Deputy Minister concluded that the representatives from both the ICTA and the Central Bank will meet with him next week for further discussions.