BOC-Mastercard team up to enable faster payment innovation

Bank of Ceylon (BOC) announced that it would 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.
BOC 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’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 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 endeavour.”
Mastercard Executive Director South Asia Vikas Varma 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 has a penchant for innovation and customer service.”
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.