The Commercial Bank of Ceylon has announced a partnership with DirectPay, one of the fastest-growing fintech start-ups in Sri Lanka, to provide Internet Payment Gateway (IPG) support and operate as the acquiring bank for the cashless payment solutions the latter develops for clients.
With this partnership with Commercial Bank, DirectPay aims to expand its suite of services such as fully-integrated payment Point-of-Sale devicestodiscover new markets and inventory management solutions with payment integration on Card and LankaQR payments for Small and Medium (SME) businesses and corporates in the country.DirectPay will also collaborate with the Bank on products such as micro lending and pay-day loans, as well as to offer its merchant clientele more efficient ways of making supply chain payments.
Further, with the backing of Commercial Bank and its expertise as a leading IPG service provider in the country, DirectPay will enhance its offerings of customised digital payment solutions for businesses in the insurance, education, and eCommerce industries that will enable them to move away from cash-on-delivery-based transactions and facilitate a host of digital payment options for the products and services offered. The introduction of these modern payment methods is aimed at providing customers with a choice of multiple payment options, the Company said.
A specialised service provider to businesses operating in the financial and telecom industries, DirectPay which was founded in 2018 and has developed multiple payment channels that benefit both the end customer and the client’s suppliers. These solutions includemobile-based payment apps, internet payment gateways, payment links to receive remote payments, and subscription payments where there is recurring revenue or bill settlement.
A preferred IPG partner to a cross section of businesses in Sri Lanka, Commercial Bank provides payment processing services via Mastercard Payment Gateway Services (MPGS) and Visa Cybersource platforms that offer tokenization support, eliminating the need for customers to re-enter their card details when performing repetitive transactions with a specific merchant. This is made possible as the card details are stored securely by the Bank which generates a unique token, keeping the purchasers’ sensitive card details away from the merchants’ systems.
Further, these solutions provide access to a comprehensive set of fraud mitigation tools, supporting both ‘Mastercard Secure Code’ and ‘Verified by Visa’ 3D secure authentication solutions while having the fully-automated process to handle ComBank Easy Payment Plans (EPP).Besides offering security, one of the most crucial features of cashless payments, Commercial Bank’s IPG solutions also support device-optimised payment screens which are designed to offer a seamless experience to users of various devices; a feature much requested by the local eCommerce industry.