BOC, Mastercard team up for faster payment
Bank of Ceylon (BoC) announced that it will be strengthening its longstanding partnership with Mastercard, enabling it to tap into Mastercard’s global technology and expertise to bring payment innovation to Sri Lanka faster.The Bank aims to roll out safer, smarter, and more innovative payment options by connecting to Mastercard Integrated – a back-end technology platform from Mastercard that enables payments made by any branded product.
In line with the Government of Sri Lanka’s digitization roadmap, this move comes at an apt time when the government is encouraging businesses and consumers to adopt cashless payments for more of their day-to-day transactions.
Speaking on the partnership, Deputy General Manager, Product and Banking Development, Bank of Ceylon said, “At Bank of Ceylon, we have always sought to transform Sri Lanka’s financial services landscape to meet the evolving demands of the global marketplace.We continue to work with partners like Mastercard to demonstrate the convenience and security offered by electronic payment solutions to more Sri Lankan businesses and consumers as part of this endeavor.”He further added,“Giving a significant boost to our payment processing operations, Mastercard Integrated will allow us to accelerate the pace at which we bring secure digital payment solutions to the market.”
Mr. Vikas Varma, Executive Director, South Asia, Mastercard said, “We are delighted to support Bank of Ceylon with their payment processing needs. Mastercard Integrated is a configurable payments processing platform that enables issuers and acquirers to leverage Mastercard’s global technology to meet consumers’ ever-changing payments needs and deliver innovative solutions locally.Bank of Ceylon has deep knowledge of the Sri Lankan market and have a penchant for innovation and customer service.We look forward to creating a robust, safe and secure digital payments ecosystem by bringing digital payments products to market quickly and efficiently.”
The comprehensive suite of services available through Mastercard Integrated includes merchant, card and account management tools, customer service support, data and reporting solutions, and fraud and risk services.