ComBank & Ceylinco Life take online payments to new level

Largest private bank appointed Internet Payment Gateway provider to life insurance leader; launches Easy Payment Plans for premium payments

Two Sri Lankan financial services giants, the Commercial Bank of Ceylon and Ceylinco Life Insurance are collaborating to enhance the convenience and security of paying premiums online, and have introduced Easy Payment Plans for the purpose.

Ceylinco Life has appointed Commercial Bank as its Internet Payment Gateway (IPG) service provider, augmenting the online payment experience for users of Credit or Debit cards of any brand from any issuing bank while offering Easy Payment Plans for holders of Credit Cards issued by Commercial Bank to settle their premiums.

To benefit from the Easy Payment Plan, Ceylinco Life policyholders must convert their premium paying frequency to bi-annual or annual; choose the six-month or 12-month installment option accordingly, and process payments via their ComBank issued Credit Cards, the Bank said. The Easy Payment Plan option can also be used to settle overdue premiums in instances where policies have lapsed.

The online payment processing of will be powered by Commercial Bank through Mastercard Payment Gateway Services (MPGS). Ceylinco Life policyholders can simply visit the website, insert their policy numbers and pay their life policy premiums via Visa, Mastercard or UnionPay branded Credit or Debit cards.

“We are delighted to welcome Ceylinco Life to the rapidly growing MPGS user base in Sri Lanka,” the Head of Commercial Bank’s Card Centre Mr Thusitha Suraweera said. “For businesses seeking to improve the e-commerce experience for customers, the MPGS platform represents a perfect solution.”

Commercial Bank’s IPG solution provides a highly secure and cost-effective way to perform online purchases which are fully-compliant with Payment Card Industry Data Security Standard (PCI-DSS) requirements. Ceylinco Life policy holders paying their premiums online are only required to enter the card details (card number, expiry date and cardholder verification value) on the very first occasion they make a payment through the website. Thereafter, they can perform transactions without having to re-enter card details.

MPGS also provides access to a comprehensive set of fraud mitigation tools, supporting both ‘Mastercard Secure Code’ and ‘Verified by Visa’ 3D secure authentication solutions, and provides integration options to systems on multiple languages such as PHP, Java and C Sharp. Additionally, tokenisation supports device-optimised payment screens which are designed to offer a seamless experience to users of various devices.

Sri Lanka’s leading life insurer for more than half of the 32 years it has been in existence, and certified as a ‘Great Workplace’ in Sri Lanka by Great Place to Work®, Ceylinco Life was ranked the Most Valuable Life Insurance Brand in Sri Lanka by Brand Finance this year and declared the ‘Peoples Life Insurance Service Provider of the Year’ for the 14th consecutive year at the 2020 SLIM-Nielsen Peoples Awards. The Company was ranked among the 10 ‘Most Admired Companies’ in the country by the International Chamber of Commerce, Sri Lanka (ICCSL) in 2019 and in the same year was named the ‘Best Life Insurer in Sri Lanka’ for the sixth consecutive year by World Finance, and ranked sixth overall in the Business Today ranking of the country’s top 30 companies.

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 ten 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 875 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.





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Source From biz.adaderana
Author: Isma Izzath
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