LankaClear General Manager / CEO Mr. Channa de Silva (left) and Commercial Bank Managing Director MS Renganathan
The Commercial Bank of Ceylon has announced that it now accepts digitally signed documents from commercial customers using LankaSign operated by LankaClear, the only commercially operating certificate authority in the country that complies with the Electronic Transactions Act.
The Bank recently signed a Memorandum of Understanding with LankaClear, the first step towards adopting digital signatures. Commercial Bank is the first financial sector entity in Sri Lanka to adopt LankaSign digital signatures for document signing.
In the first phase of this development, the Bank will encourage its corporate clients to submit their digitally signed online banking applications. Acceptance of digital signatures will soon be extended to other banking documents, the Bank said.
Commenting on the roll-out of digital signature acceptance for Bank clients, Commercial Bank Managing Director MS Renganathan said: “While technology offers unparalleled convenience and benefits to financial institutions and their customers, there are security and fraud risks. With the exponential increase in the use of electronic transactions, the need for an advanced IT security infrastructure becomes critical in order to eliminate these risks. The introduction of the digital signature function powered by LankaSign is therefore another important step in this direction.
“Additionally, the adoption of digital signatures is a breakthrough in convenience for our business customers, especially during the pandemic,” said Mr. Renganathan.
Digital signatures help businesses save time and money with signed documents and contracts with the click of a button, eliminate overhead and wet signature costs, improve workflow efficiency, and deliver better customer experience. They are highly secure and reduce the risk of duplication or alteration of the document or the signature itself, are legally valid and environmentally friendly as they help reduce waste.
LankaClear launched Sri Lanka’s first digital certification authority under the brand name LankaSign under the Electronic Transactions Act No.19 of 2006 in May 2009. In its first phase, LankaSign provided digital certificates to banks at use in clearing systems for financial transactions, such as as SLIPS and CITS. In 2011, LankaSign launched its second phase by providing digital certificates for all business applications in the financial sector, SSL certificates and end user certificates (email / document signature) on private and public networks. Providing an affordable option for the country’s financial sector, LankaSign has helped automate documentation work that was previously done manually. It also introduced the ability to issue real-time digital certificates for digitally signed and authenticated electronic documents for mobile payment applications.
Speaking about this partnership with ComBank, Mr. Channa de Silva, Managing Director / CEO of LankaClear, said: “We congratulate Commercial Bank on its gradual step towards introducing LankaSign Digital Signatures for signing documents to clients. At a time when travel restrictions are in place and the banks themselves operate with limited staff, we believe this initiative is timely and user-friendly. In addition, it will also provide the indispensable assurance of integrity, non-repudiation and authentication for all digitally signed documents, which is essential to protect the interests of the Bank and its clients in the face of the growing risk of threats. cybersecurity. “
The first fully carbon neutral Sri Lankan bank, the first Sri Lankan bank to be among the 1000 best banks in the world and the only Sri Lankan bank to be so for 11 consecutive years, Commercial Bank operates a network of 268 branches and 931 automated agencies. machines in Sri Lanka. The Bank’s overseas operations include Bangladesh, where the Bank operates 19 outlets; Myanmar, where he has a microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I bank with majority ownership.