ComBank Digital integrates with CSE’s Central Depository System for IPO settlements

The Commercial Bank of Ceylon has announced that ComBank Digital, the Bank’s digital banking platform, is now linked with the Central Depository System (CDS) of the Colombo Stock Exchange (CSE), enabling the Bank’s account holders to make IPO settlements directly from their accounts.

Made possible by the integration of the CDS with the LankaPay Government Payment Platform (LPOPP), this feature now facilitates participation in Initial Public Offerings for Commercial Bank customers by enabling them to pay for their initial shares via the Bank’s online banking channels.

“The option of buying shares offered via IPOs is an important addition to ComBank Digital, and will be welcomed by many of our customers looking to diversify their investments,” Commercial Bank’s Assistant General Manager – Digital Banking Mr Pradeep Banduwansa said. “It further enhances the versatility of the platform and supports the popularization of share ownership among the masses, which is an important national cause.”

Commenting on the latest feature of ComBank Digital, Deputy CEO of LankaPay Mr Dinuka Perera said: “It is with great delight that we join forces with Commercial Bank to facilitate online payments to the CSE via the LankaPay Government Payment Platform, marking another milestone in our journey toward a less-cash society. With ComBank Digital as our partner, the integration of the CDS will add immense value to ComBank customers and CSE operations, enhancing the efficient functioning of the economy.”

Driven by Commercial Bank’s ‘Digital by Default’ business model, ComBank Digital currently processes more than 5 million transactions a month, with a digital penetration of 45% and 48 million customer interactions, and processes transactions averaging Rs 400 billion in value per month. The award-winning platform continues to lead digital transformation in Sri Lanka’s banking sector as the most widely used digital channel that serves retail, SME and corporate clients.