The Commercial Bank Ceylon and Paycorp International (PYCI), a leading provider of enterprise payment processing solutions to banks, corporates and industry specific vertical markets, have formed a strategic alliance to launch ‘PAYCOM,’ Sri Lanka's first Multilingual MobilePOS solution.
The PAYCOM solution will allow any business to accept credit card and debit card payments anywhere, any time. Businesses can simply download the PAYCOM app to an Android or IOS smart phone or tablet and choose their preferred language, Sinhala, Tamil or English to perform transactions.
This MobilePOS Solution has undergone Chip Transaction Processing (EMV) certification with the major card schemes, the Bank said. EMV is a global standard for inter-operation of integrated circuit cards and IC card capable point of sale terminals and automated teller machines (ATMs), for authenticating credit and debit card transactions. The PAYCOM solution has high security and inbuilt fraud protection capabilities, as well as added security features such as 2-factor authentication.
Commercial Bank’s Assistant General Manager Operations Mr. Palitha Perera said: "Commercial Bank has always aimed to implement solutions that cater for both SMEs and large enterprises. We have formed a strategic alliance with Paycorp to implement a transactional banking solution that includes all aspects such as ease of connectivity, security, speed and cost effectiveness. Our PAYCOM MobilePOS solution will enable many business and their sales teams to accept secure card payments whilst on the move, 24 hours of the day, seven days a week."
MazeenFarook - Managing Director of Paycorp International said:“MobilePOS has recently generated a lot of interest in Sri Lanka with a few other banks and payment gateways providing similar solutions. The key differentiators with the Commercial Bank PAYCOM solution is that it is very easy to use with the multilingual capability and is offered and supported for a fraction of the cost, making is accessible to any business or individual.”
Commercial Bank and Paycorp will offer a number of stylish and innovative MobilePOS hardware devices that meet various requirements such as offline PIN, online PIN and Bluetooth connectivity.
John Caliguri - Chairman of Paycorp Group said: "We are very pleased to work closely with Commercial Bank of Ceylon PLC. This partnership showed how speed of deployment has conferred the Commercial Bankwith a first mover technical advantage to meet customer needs and offer local businesses world class technology. Our next phase of implementation with Commercial Bank will feature another range of products that will change how merchants consider and perform business transactions.”
Ranked the ‘Strongest Bank in Sri Lanka in 2014’ by The Asian Banker, and the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for four consecutive years (2011-2014), the Commercial Bank is also the most valuable private sector brand in the country in 2014. The Bank has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013. Commercial Bank has also been rated the Most Respected Bank in Sri Lanka by LMD for the past 10 years, has been the second Most Respected Corporate entity in the country overall for the past four years, and been rated No 1 in Sri Lanka for Honesty in 2013 and 2014 by the magazine.
Paycorp is a fully certified PCIDSS Level 1 compliant technology provider. Paycorp’s PCI Level 1 status is the benchmark for the provision of payment processing services to multi-national organisations. Paycorp provides robust payment technology to banks, large enterprises and SME in Australia and New Zealand. Paycorp’s Industry leading PCI-DSS Compliance solutions are well known globally and are currently being used by many clients to reduce overheads, mitigate risk and to increase security and operational efficiencies. Paycorp supports more than 50,000 businesses in the territories they operate in while processing close to 400 million transactions per annum.
Commercial Bank’s AGM - Operations MrPalithaPerera (Right) exchanges the agreement with MrMazeenFarook, GM - Paycorp in the presence of MessrsSurenAttanayake, Director Operations and Imran Sanoon, Business Development Manager of Paycorp, and ThusithaSuraweera, Chief Manager, M.Thiruchelvanathan, Senior Manager and AsithaVidanagamage, Senior Manager of the Bank’s Card Centre.