Bank of Ceylon (BoC) has partnered with MasterCard to bring faster payment innovation to Sri Lanka.

Using MasterCard’s back-end technology platform known as MasterCard Integrated, BoC plans to launch safer, smarter, and more innovative payment options.

The comprehensive suite of services available through MasterCard Integrated comprises merchant, card and account management tools, customer service support, data and reporting solutions, and fraud and risk services.

The latest move, which also aligns with the Government of Sri Lanka’s digitisation roadmap, comes at an appropriate time when the government is encouraging businesses and consumers to adopt cashless payments for more of their day-to-day transactions.

Commenting on the partnership, MasterCard executive director for 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.

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“Bank of Ceylon has deep knowledge of the Sri Lankan market and have a penchant for innovation and customer service. We look forward to creating a robust, safe and secure digital payments ecosystem by bringing digital payments products to market quickly and efficiently.”