Commercial Bank Internet Payment Gateway offers new functionality

Monday, 4 October 2010 23:13 - - {{hitsCtrl.values.hits}}

Enhancements announced by the Commercial Bank of Ceylon to its Internet Payment Gateway provide new functionality for Small and Medium Enterprises (SMEs) to offer seamless and secure e-Commerce and m-Commerce solutions to their customers.

The only Sri Lankan bank operating an Internet Payment Gateway hosted by MiGS (MasterCard Internet Gateway System), the Commercial Bank said the ComBank Payment Gateway (CPG) now offers many features that facilitate SME type transactions, without the complexity and costs of existing e-commerce structures.

Sophisticated anti-fraud features make it possible for customers to view products, place their orders, generate invoices and pay online in a secure environment that meets the highest global standards, with both ‘MasterCard Secure Code’ and ‘Verified by Visa’ authentication, the Bank said.

Transactions are Payment Card Industry – Data Security Standard (PCI-DSS) compliant, thereby providing maximum protection of card holder information, the Bank said. Processing of refunds is also possible while maintaining the integrity of the system and protecting sensitive information. “Our enhanced payment gateway offers users many exciting opportunities for growth by augmenting access to their products and services and making payment for them extraordinarily convenient and safe,” said Sanath Bandaranayake, Commercial Bank’s Deputy General Manager Operations.

“The ComBank Payment Gateway supports multiple channels and currencies and offers dynamic conversion of currency, allowing a customer to pay in a currency of choice,” the Bank’s Chief Information Officer Rohan Muttiah said. “In addition to providing convenience this also reduces transaction costs associated with currency conversion and processing charges and makes the payment gateway a desirable channel for discerning organisations and their customers,” he added.

MiGS hosts the payment gateways of 60 banks in Australia, New Zealand, the Pacific Islands, South East Asia, South Asia, the Middle East and Europe, and also offers a fully remote disaster recovery site, with fast fail-over available on the system. Further information on this can be obtained from [email protected].

Ranked second among all corporate entities in Sri Lanka in the latest Business Today rankings, the Commercial Bank of Ceylon Plc owns a network of 184 branches and supermarket banking counters and operates an automated teller network of 380 ATMs in Sri Lanka, the largest on-line cash dispensing system in the country. The Bank has been adjudged Sri Lanka’s ‘Bank of the Year’ seven times by ‘The Banker,’ ‘Best Bank in Sri Lanka’ for 12 consecutive years by ‘Global Finance’ Magazine, and ‘The Best Bank in Sri Lanka’ by FinananceAsia twice. It has also been rated ‘Best Local Trade Bank’ in Sri Lanka by the UK based ‘Trade Finance’ magazine and is the only Sri Lankan bank with the demanding ISO27001 information security certification.