BoC & Mastercard team up for faster payment innovation

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By 2017-02-15

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, BoC Deputy General Manager, Product and Banking Development said, "At BoC, 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 endeavour." 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."

Mastercard Executive Director, South Asia Vikas Varma said, "We are delighted to support BoC 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 payment needs and deliver innovative solutions locally. BoC 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 payment 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.

Leading the Sri Lankan banking industry with over 77 years' experience, BoC has become the most stable and trusted bank in the country that serves Sri Lankans from all walks of life, helping them to build their lives and make themselves financially stable whilst uplifting the country's economy. The bank earned global recognition as one of the top 1000 banks in the world (Country rank No.1) as listed by 'The Banker' magazine (UK) in 2012, 2013, 2014, 2015 and 2016. Bank of Ceylon won the overall Gold Award at the NBEA Awards 2015 with five other 'Winner' awards. The bank claimed its award as the only Sri Lankan brand recognized as one of Asia's Best Brands in 2013 by the Chief Marketing Officers' Council (CMO Council) based in Mumbai, India. Brand Finance Lanka has ranked Bank of Ceylon as the country's No. 1 brand for the last eight consecutive years. The bank has passed exceptional milestones in recent years such as becoming the first to gain over Rs 1.5 trillion assets, over Rs 1 trillion deposits and over Rs 1 trillion advances. Focusing on the bank's achievement, Fitch Rating Lanka ranked BoC at AA+(lka) which is the highest rating awarded to a local commercial bank and ICRA (lk) awarded AAA rating which is the highest credit quality rating issued by ICRA Lanka. BcC won the merit award for annual report 2015 under State Owned Enterprises category at the Excellence in Integrated Reporting Awards – 2016 conducted by the Institute of Certified Management Accountants of Sri Lanka. Asia's Best Employer Brand Awards organized by Employer Brand Institute endorsed BoC as one of those classed as a 'Best Employer Brand' for the year 2016. Bank of Ceylon maintains international presence with three overseas branches and a subsidiary in London.

Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. They operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, travelling,a running a business and managing finances – easier, more secure and more efficient for everyone.

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