The Commercial Bank of Ceylon, Sri Lanka’s largest payment card issuer, has announced a new partnership with Visa, the global payments technology leader, to launch CyberSource, a global payments management platform that will further expand the array of payment services available to any merchant looking for digital payment solutions.
CyberSource enables Visa to offer merchants a one-stop technology solution for accepting payments. Merchants of all sizes can improve the way their customers engage and transact, mitigate fraud and security risk, lower operational costs and adapt to changing business requirements. The solution covers payment security features such as the Payment Card Industry Data Security Standard (PCI-DSS) certification as required by the payment schemes and 3D Secure authentication that safeguards sensitive payment data and protection against e-commerce frauds. It provides unified commerce capabilities to deliver seamless, omni-channel commerce experience; and additional services such as payouts, analytical tools, and support for mobile apps.
With Commercial Bank launching CyberSource, merchants using this solution can receive payments from their customers via ecommerce platforms. The integration process involves merchants working with the Bank who will connect their websites to CyberSource and facilitate Visa and Mastercard card payments.
Anthony Watson, Country Manager for Visa in Sri Lanka and the Maldives said: “As Sri Lanka continues on its transformational digital journey, e-commerce too is growing rapidly with the reach of mobile and internet connectivity expanding among consumers across the island. We are very pleased to provide Commercial Bank of Ceylon a secure payment gateway service with CyberSource and with such partnerships will continue to empower Sri Lanka with more industry leading payment products.”
Shailesh Paul, Head – Merchant Acquiring and CyberSource, India and South Asia, Visa, said: “CyberSource is a robust payment solution that has been trusted by merchant businesses internationally to offer a secure digital commerce experience to their customers. We are excited to partner with Commercial Bank of Ceylon to bring this solution to Sri Lanka as a value-added acceptance solution and support the growth of Sri Lanka’s e-commerce merchants.”
The launch of CyberSource will enhance the quality and versatility of payment processing services provided by the Commercial Bank of Ceylon, enhance customer service experience for merchants by providing a secure environment, and for online shoppers by simplifying the e-Commerce experience.
Commenting on the milestone launch of CyberSource, Commercial Bank’s Chief Operating Officer Mr Sanath Manatunge said: “The success of e-Commerce is driven by the overall experience of both the merchant and the customer, which is determined principally by safety and ease of use. With CyberSource, every key aspect is covered.”
Commercial Bank’s Deputy General Manager – Marketing Mr Hasrath Munasinghe added: “The timing of this launch couldn’t be better, given the added emphasis on e-Commerce solutions as a result of the lockdowns associated with the COVID-19 pandemic. We believe that the higher volume of transactions being witnessed will continue even after restrictions are eased, as more people experience the convenience of e-Commerce.”
Established in 1994, CyberSource pioneered online payment and fraud management services for medium and large-sized merchants. After it was acquired by Visa Inc. in 2010, CyberSource gained further access to a global network of issuers and acquirers as well as Visa’s world-class security infrastructure. As a worldwide payments leader, the company has over 450,000 businesses use CyberSource and Authorize.Net solutions today and has offices throughout the United States, Asia, Europe, Latin America, the Middle East and Africa. CyberSource has connected with 150+ acquirers and processors, operates in 190+ countries and accepts payments in 150+ currencies.
The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for nine years consecutively, Commercial Bank is celebrating its 100th anniversary this year. The Bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 865 ATMs in Sri Lanka.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.