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Wednesday, 29 October 2014 00:00 - - {{hitsCtrl.values.hits}}
Commercial Bank’s AGM – Operations Palitha Perera (right) exchanges the agreement Paycorp GM with Mazeen Farook in the presence of Director Operations Suren Attanayake and Business Development Manager Imran Sanoon of Paycorp, and Chief Manager Thusitha Suraweera, Senior Manager M. Thiruchelvanathan and Senior Manager Asitha Vidanagamage of the Bank’s Card Centre.
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 mobile POS 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 two-factor authentication.
Commercial Bank’s Assistant General Manager Operations 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 mobile POS 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.”
Paycorp International Managing Director Mazeen Farook said: “Mobile POS 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 mobile POS hardware devices that meet various requirements such as offline PIN, online PIN and bluetooth connectivity.
Paycorp Group Chairman John Caliguri 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 Bank with 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.”
