ComBank partners MyFees.lk to digitise and facilitate payments for education

Commercial Bank Deputy General Manager – Retail Banking & Marketing Hasrath Munasinghe and MyFees.lk Director Faiq Faaiz at the signing of the partnership agreement in the presence of representatives of the two companies

Payments for education have become infinitely more convenient and secure following a partnership between the Commercial Bank of Ceylon and MyFees.lk, the leading payment aggregator in Sri Lanka’s education sector.

The partnership aims to digitize payments, expand the acceptance of payment cards, and streamline payment processing and security protocols, enabling seamless transactions from anywhere in the world, the bank said.

The enhanced functionality resulting from the partnership with Commercial Bank will help MyFees.lk to enable a wider variety of card types while expanding the platform’s horizons to facilitate foreign currency payments andsettlements.

The integration of MyFees.lk with Mastercard Payment Gateway Services (MPGS) via Commercial Bank will also support the linking of education institutes in key regions across the island, going beyond the Western Province where MyFees.lk has a strong presence, the bank said.

MyFees.lk hosts the largest portfolio of education institute under one roof for payment purposes, partnering more than 120 institutes patronised by over 450,000 students.

These education institutes would now benefit from a secure centralised collection portal that hosts all available channels for payment and offers improved reporting and reconciliation functions. Parents and students would have access to better easy payment plans with extended tenures, ensuring that the institutes get paid upfront while providing students with a convenient method to pay.

Commercial Bank offers education loan facilities with flexible terms, for both employed and unemployed students who are pursuing local and foreign education. These loans cme with a longer repayment period and attractive interest rates. Additionally, students are eligible to enjoy a grace period of two years to service only the interest, before commencing the capital repayments of the loan facility.