Sometimes we forget to appreciate some really good things available to us, one of such good thing is CEFTS (Common Electronic Fund Transfer Switch), a CEFTS user since the launch, and absolutely happy fan of the technology, I thought of share my experience and some benefits of using cefts. On a more important note, this is not a sponsored article and I just wanted to recommend something I am using on a daily basis and it saves me lots of time and money.
What is CEFTS?
CEFTS is a short form of Common Electronic Fund Transfer Switch, Launched and operated by Lanka Clear (Pvt) Ltd under the approval and guidance of the Central Bank of Sri Lanka. Lanka Clear is the largest payments infrastructure provider of the country and owned by Central bank of Srilanka and all CBSL licensed commercial banks in the country.
CEFTS, is a fully automated electronic fund transfer system which allows instant fund transfers between member institutions, in simple language, one can make payments or bank to bank fund transfers within seconds using online banking, mobile banking, ATMs and over the counter, and the best thing about this CEFTS is, available 24 X 7 and 365 days, yes, you read it right, you can make payments and transaction on a nonbanking hour and day.
The only limitation is that the transactions can be accommodated between the member institutions only, however, most of the banks and non-banking finance companies are already in the network and only a few key institutions are not in the network.
How CEFTS can save you Time & Money?
Make instant bank to bank transfers without moving an inch
This is how I first fell in love with CEFTS, I went on shopping thinking I have sufficient balance in my savings account and the cashier told otherwise “ sir, payment rejected, no funds in the accounts I guess”, then only I realized that I used the money for something else, just to avoid embarrassment, I pretended like something wrong with the bank, meantime, I sent an SMS to my best buddy to send me some money, surprisingly, money arrived within a minute and I asked the cashier to re-try, hurray, transaction done.
I called my friend to thank and I asked “How did you manage to send money within a minute?”, he smiled and told there is a new facility called CEFTs and I transferred money through that.
In simple language, you can transfer money between member banks and non-banking finance companies within seconds.
Make instant credit card payments
I have a story behind the credit card also, but let me get to the point directly, you can pay most of the credit card payments through CEFTS, instantly. No need drive around the issuing bank to make your payments, just make the payment from wherever you are.
Most of the credit card issuing banks are already in the network and only a few issuers to get in. your time is saved and money is saved
Instant Bill settlement
You can pay all your utility bills through CEFTS enabled system, I used to pay all my bills using online banking, all my bills including mobile payment, Wi-Fi, water electricity etc… without moving an inch from my seat.
How to get CEFTS
The very good news is, you have nothing to do to get CEFTS, CEFTS is already available in most of the popular banks and non-banking finance companies and you just need to have an account and just enable online banking and mobile banking facilities associated with your account, speak to the digital banking centre of your bank of choice and ask for the terms and conditions to use CEFT and you are all set to go. Just be mindful, CEFTS transactions are subject to a transaction fee, thus make sure to know the charges before you perform transactions.
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