16 April 2024 04:38 pm Views - 228
"DFCC Bank is committed to delivering convenient, ease-of-use, secure and cost-effective payment acceptance methods to support our customers towards achieving their business goals," said Denver Lewis, Vice President, and Head of Card Centre at DFCC Bank, as he explained the strategic benefits of the partnership with UPI and Bancstac. "We aim to be the payment solution of choice for Sri Lankan businesses by helping them reach a significant new international customer base that otherwise would not be available to them, who prefer to pay for goods and services with their UnionPay debit, credit and pre-paid charge cards."
Merchants can seamlessly integrate DFCC Bank's IPGS into their website, mobile app, and other e-commerce platforms while creating a frictionless and secure digital payment experience. Additional value-added services available through DFCC Bank's IPGS include merchant-branded payment pages, encrypted tokenization for recurring payments, e-commerce plugins, APIs for bulk payment processing, and e-payment links. Merchants will also receive access to an online administration portal, through which they can easily access transaction reports and manage other advanced payment features, such as creating transaction rules customized to business needs to help manage risk and reduce fraud.
Head of UnionPay International South Asia, Hu Binghan, added, "We are delighted to continue to support and help accelerate card-not-present UPI 3DS 2.0 acceptance capabilities for all our scheme members, including DFCC Bank. We see digital payments continue to grow rapidly to represent an increasing proportion of overall transaction volumes across the region. We are pleased with our strategic technology partner, Bancstac. We cannot speak highly enough about their proven technology, professionalism, reliability, and their team's ability to consistently achieve speedy turn-key integrations with complex core banking systems for our valued scheme members. Bancstac is UPI’s technology partner certified to provide bank-grade 3DS 2.0 MPI server solutions with direct endpoint connection to our card scheme."
Commenting on the partnership, Evan Lau, CEO at Bancstac, said, "It is with great pride that we are delivering payment innovations, and connecting the world's largest card scheme, to one of the oldest banks in Sri Lanka with a rich history spanning over 68 years. Bancstac is committed to supporting its strong partnership with DFCC Bank. Looking forward to the near future, we are excited to be nearing completion of the development of DFCC Bank's IPGS to display dynamic QR codes for all global apps that can scan UnionPay QR. This capability will enable cross-border bank-to-bank settlements from international third-party bank accounts to domestic merchant accounts approved by DFCC Bank.
About DFCC Bank
DFCC Bank is a full-service commercial bank with a rich history of 68 years and offers a diverse range of commercial and development banking services. As part of its Sustainability Strategy 2020-2030, the bank aims to become a leading institution that contributes towards greater resilience through the creation of resilient businesses and supporting green financing and sustainable, socially responsible entrepreneurship. The Bank has received numerous accolades, including being named the 'Most Trusted Retail Banking Brand' and the 'Best Customer Service Banking Brand' in Sri Lanka in 2021 by Global Brands Magazine UK, and 'Market leader in Cash Management 2021' by Euromoney. Additionally, DFCC Bank is ranked among Business Today's Top 40 Corporates in Sri Lanka, is rated A- (lka) by Fitch Ratings Lanka Limited and is regulated by the Central Bank of Sri Lanka.
About UnionPay International
UnionPay International is a subsidiary of China UnionPay focused on the growth and support of UnionPay’s global business. UnionPay is the world’s largest card network with more than 7 billion cards issued. In partnership with more than 2,600 institutions worldwide, UnionPay International has enabled card acceptance in 183 countries and regions with issuance in more than 82 countries and regions. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world’s largest cardholder base, and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.
About Bancstac
Bancstac is a core technology infrastructure partner and payment innovation company to banks and their clients, enabling seamless adoption and customization of digital payment and acceptance capabilities from closed-loop payment networks, real-time settlement systems, mobile digital wallets, and global card schemes. Through its advanced payment technology orchestration platform, Bancstac strives to foster trust among individuals and make it simpler for businesses to participate in global commerce. Bancstac is a global strategic technology partner to the world’s largest card scheme, UnionPay International, providing banks with direct endpoint connectivity to the UPI network and anti-fraud 3DS 2.0 MPI services. Bancstac is a payment aggregator for American Express, Discover Network and Diners Club. It is also a PCI DSS Level 1 and PCI 3DS certified payment processor, payment gateway, payment aggregator, and payment orchestration platform.