HSBC Migrates to CEFTS from SLIPS

HSBC Sri Lanka has migrated from SLIPS (Sri Lanka Interbank Payment System) transactions to CEFTS (Common Electronic Fund Transfer Switch) transactions with immediate effect. As they say, CEFTS functionality via HSBC Online Banking, will provide a real-time fund transfer experience which will make banking convenient and hassle free.

Mentioned,
Key benefits of CEFTS transfers

• Real-time fund transfers up to LKR 5 million towards other CEFTS member banks and Financial Institutions
• Ability to make account and credit card transfers
• SMS notifications on certain CEFTS related activities
• Ability to make immediate, recurring and future-dated transfers
• Low transaction fees. 

Key changes

SLIPS functionality in HSBC Online Banking would be demised with effect from 30 September 2020. As a result,

1. Customers would not be able to initiate any new SLIPS transfer instructions via online banking as the “SLIPS Account Transfer (Next Day Transfer)” option would be removed from the online banking interface
2. Existing payees set up using the “SLIPS Account Transfer (Next Day Transfer)” option (saved payees) would be deleted by the bank as a phased-out approach
3. Bank would not process any new transfers triggered by selecting the existing payees set up using the “SLIPS Account Transfer (Next Day Transfer)” option
4. Bank would delete all scheduled transfer instructions (recurring and later/future-dated).