Sampath Bank extends strategic partnership with Bancstac becoming the first local bank to enable online payments for UnionPay International 3DS 2.0

Sampath Bank partners with Bancstac to become the first local bank to enable UnionPay International 3D Secure 2.0 (“UnionPay 3DS”) for online payments via direct connection to the UnionPay card network. UnionPay 3DS certified payment verification provides businesses and consumers with added security and protection against fraud whilst increasing sales conversions from the world’s largest card network with more than 7 billion cards issued.

Sampath Bank customers can now accept payments from UnionPay International, Mastercard and Visa cards in addition to payments from LankaQR enabled apps and digital wallets through the Sampath Payment Gateway (powered by Bancstac) and in partnership with Bancstac businesses can also seamlessly accept American Express, Diners Club and Discover Network cards. Sampath Bank becomes the first local bank in Sri Lanka to enable its customers to accept online payments across six major issuer networks plus LankaQR.

Darshin Pathinayake, Assistant General Manager Card Center, Sampath Bank, said: “We at Sampath Bank have always been committed to leveraging cutting-edge technologies to transform Sri Lanka’s financial services landscape by deploying innovative solutions that add more value to the nation. We help Sri Lankan businesses take their first steps in the world of digital commerce and empower our commercial customers with the tools to compete globally on an equal footing. Our longstanding partnership with Paycorp International has paid rich dividends. We are delighted to take this partnership to the next level, all the better to enhance our customers’ payment acceptance capabilities.”

Evan Lau, Cheif Executive Officer, Bancstac, added: “We are very pleased to integrate 3DS 2.0 functionality into the Sampath Bank Payment Gateway and to provide the bank’s customers with an additional layer of security and more payment acceptance methods to further grow their businesses. Our partnership with Sampath Bank continues to deliver market firsts. By leveraging our unique ability to directly connect to UnionPay’s card scheme network through our strategic technology partnership with UnionPay International, we are able to deliver fast, seamless and secure processing of UnionPay card transactions to Sampath Bank customers. The introduction of UPI 3DS 2.0 to the market gives businesses and consumers yet another tool to help mitigate fraud risk and lower instances of chargebacks. We are committed to modernizing Sri Lanka’s digital payment economy by making payments faster, safer, and easier for consumers and merchants and the Government.” 

 About Sampath Bank

Sampath Bank is a 100% local bank that has deeply rooted itself in the hearts of the people of Sri Lanka. Established in 1987, the bank has become a state-of-the-art financial institution that continues to be a market leader today thanks to its constant innovation and customer focused approach to business. It has introduced many firsts to the Sri Lankan banking sector including the introduction of ATMs to Sri Lanka, extended banking hours and slip-less banking to name a few. The Bank continues to steadily transform itself into a technology-driven financial services provider whilst keeping true to local traditions and values. www.sampath.lk

 About Bancstac

Bancstac is a core technology infrastructure partner and payment innovation company to banks and their corporate clients, enabling seamless adoption and customization of digital payment and acceptance capabilities from closed- loop payment networks, real-time settlement systems and global card schemes. Bancstac is PCI DSS Level 1 certified and a PCI 3DS compliant payment processor, payment gateway, payment aggregator, payment orchestration platform and technology innovation company. Bancstac is a preferred and certified global technology partner to UnionPay International and enables banks to directly connect to the card scheme. www.bancstac.com

UnionPay International Partners with Bancstac to Enable Innovative Online Card Acceptance Capabilities for Bank Members and Merchants.

UnionPay International (“UPI”) announced its strategic commercial partnership with Bancstac (“Bancstac”). Through this partnership, the Bancstac group will support UPI member banks and their respective merchants by enabling innovative capabilities to accept payments from UnionPay cardholders. As a UPI trusted technology partner, Bancstac provides banks with direct connection to the card scheme and a seamless plug-and-play integration experience.

As the bank’s payment technology layer, Bancstac offers payment processing, payment gateway and payment aggregator services with direct connectivity to UPI, which integrates with legacy banking systems, becoming an integral part of bank payment infrastructure.

Bancstac is Payment Card Industry Data Security Standards (“PCI DSS”) level 1 certified and offers 3D Secure (“3DS”) certified payment verification for all major global card schemes. Bancstac enables UnionPay 3DS online payment authentication for added security and protection to businesses and consumers against fraud.

Michelle Shao, General Manager of UnionPay International Hong Kong Branch, said: “We chose to partner with Bancstac because they offer a distinctive solution to our bank members and merchants. Bancstac has proven their ability to quickly integrate with banks in record time, offering the ability to accept UnionPay card payments without any merchant-side technical integration work. We believe our co-operation will efficiently and cost-effectively accelerate the adoption of online card acceptance for banks and merchants as digital payments continue to grow to represent an increasing proportion of transactions in the region.”

Evan Lau, Director of Bancstac, said: “We are excited to partner with UnionPay International to bring innovative online payment capabilities to UPI member banks and their merchant base. This strategic partnership uniquely positions Bancstac to deliver on our vision of facilitating the evolution of countries from cash-based economies to a digital-first payments future. We invite governments, banks and businesses to explore the possibilities with Bancstac.”

About UnionPay International

UnionPay International is a subsidiary of China UnionPay focused on the growth and support of UnionPay’s global business. UnionPay is the world’s largest card network with more than 7 billion cards issued. In partnership with more than 2,500 financial institutions worldwide, UnionPay International has enabled card acceptance in 180 countries and regions with issuance in more than 70 countries and regions. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world’s largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.

 About Bancstac

Bancstac is a PCI DSS level 1 certified payment processor, payment aggregator and technology innovation company. Bancstac partners with banks and assists the bank’s clients with the adoption of digital payment and acceptance capabilities (including global rail schemes, alternative forms of payments, closed-loop payment systems, and real-time settlement systems). The Bancstac payment technology platform makes it easy for banks, businesses, governments and communities to facilitate secure e-commerce transactions.

Sampath Bank Extends Strategic Partnership with Bancstac, Becoming the First Local Bank to Enable Dynamic Presented Merchant LankaQR Codes via Payment Gateway

Sampath Bank, in partnership with Bancstac, became the first local bank to enable businesses to automatically generate dynamic merchant LankaQR codes through the Sampath Bank Payment Gateway (powered by Bancstac) without any technical integration required by the merchant. This innovation allows businesses to accept payments from all LankaQR-enabled apps and digital wallets at much lower transaction costs than traditional credit card payment methods.

Sampath Bank customers at present can accept payments from Visa, Mastercard and UnionPay International cards through the Sampath Payment Gateway and in partnership with Bancstac, businesses can also accept American Express, Diners Club and Discover Network cards.

Darshin Pathinayake, Assistant General Manager Card Centre, Sampath Bank, said: “At Sampath Bank, we have always strived to leverage emerging technologies to deliver innovative solutions that transform Sri Lanka’s financial services landscape, and add more value to the nation. Empowering businesses with the necessary finances and the right solutions through every stage of their growth journey remains one of our key areas of focus. We have continued to enable businesses to take their first steps into the world of digital commerce. We are excited to strengthen our partnership with Bancstac and in so doing enhance our customers’ payment acceptance capabilities. Sampath Bank business and government customers may now seamlessly accept payments from six of the world’s major issuers and LankaQR, which will help drive sales and business growth. This is yet another innovative solution to have been developed through our longstanding partnership with Bancstac. We invite businesses of all sizes to simplify the payments processes on their e-commerce portals and internet connected devices.” 

Evan Lau, Chief Executive Officer, Bancstac, added: “We are committed to a vision of modernising Sri Lanka’s digital payment economy and promoting cashless transactions by launching innovative and frictionless payment experiences for businesses, government and the communities we serve. Our long-term strategic partnership with Sampath Bank has enabled us to achieve many firsts. Our latest innovation, dynamic presented merchant LankaQR codes via the Sampath Bank Payment Gateway, further reinforces our track record of successfully developing and launching modern payment technology ecosystems. By enabling LankaQR to achieve near real-time payment and settlement capability, we are proud to help democratise e-commerce by making it more accessible and affordable for businesses to accept digital payments without any technical knowledge.”

 About Sampath Bank

Sampath Bank is a 100% local bank that has deeply rooted itself in the hearts of the people of Sri Lanka. Established in 1987, the bank has become a state-of-the-art financial institution that continues to be a market leader today thanks to its constant innovation and customer focused approach to business. It has introduced many firsts to the Sri Lankan banking sector including the introduction of ATMs to Sri Lanka, extended banking hours and slip-less banking to name a few. The Bank continues to steadily transform itself into a technology-driven financial services provider whilst keeping true to local traditions and values. www.sampath.lk

 About Bancstac

Bancstac is a core technology infrastructure partner and payment innovation company to banks and their corporate clients, enabling seamless adoption and customization of digital payment and acceptance capabilities from closed- loop payment networks, real-time settlement systems and global card schemes. Bancstac is PCI DSS Level 1 certified and a PCI 3DS compliant payment processor, payment gateway, payment aggregator, payment orchestration platform and technology innovation company. Bancstac is a preferred and certified global technology partner to UnionPay International and enables banks to directly connect to the card scheme. www.bancstac.com

Sampath Bank Extends Partnership with Bancstac, to Become First Local Bank to facilitate Online Payments from Six Major Issuer Networks

Sampath Bank extended its strategic partnership with Bancstac to provide Sampath Bank customers with the capability to accept online payments from American Express, Diners Club and Discover Network Cardmembers through Paycorp International, a wholly owned subsidiary of Bancstac.

Sampath Bank customers can already accept Visa, Mastercard and UnionPay International online payments through the Sampath Payment Gateway (powered by Bancstac). With this partnership, Sampath Bank becomes the first local bank in Sri Lanka to enable its customers to access online payment transactions across these six major issuer networks.

To start accepting online payments for American Express, Diners Club and Discover Network, Sampath Bank customers simply need to apply online for a merchant account with Bancstac. All applications are independently approved by Bancstac, and the feature is then automatically enabled for approved merchants. Thereafter, merchants can conveniently access all their online payment transactions across six major issuer networks from the Bancstac merchant portal. Bancstac’s pioneering IPG is Payment Card Industry Data Security Standard (PCI DSS) Level 1 certified and offers 3D secure certified payment verification (3DS) for added security and protection to businesses and consumers against fraud across all major credit card schemes.

Traditionally, businesses in Sri Lanka had to integrate various payment gateways and technologies to process online payments for different groups of issuer networks. The strategic partnership between Sampath Bank and Paycorp International will significantly simplify online payment transactions for businesses and government agencies across the island, thereby giving a substantial boost to digital commerce in the country. This strategic partnership supports Sampath Bank’s continued efforts to accelerate the pace of acceptance, adoption and integration of innovative digital payment solutions in line with the Government and the Central Bank of Sri Lanka’s efforts to implement new technologies to strengthen the payments and settlements infrastructure.

Darshin Pathinayake, Head of Card Centre, Sampath Bank, said: “At Sampath Bank, we have always strived to leverage emerging technologies to deliver innovative solutions that transform Sri Lanka’s financial services landscape and add more value to the nation. Empowering businesses with the necessary finances and the right solutions through every stage of their growth journey remains one of our key areas of focus. We have continued to enable businesses to take their first steps into the world of digital commerce. We are excited to expand our partnership with Paycorp International to enhance our customers’ payment acceptance capabilities. Sampath Bank business and government customers can now seamlessly accept payments from six of the world’s major issuers, which will help drive sales and business growth. This is yet another innovative solution to have been developed through our longstanding partnership with Paycorp International. We invite businesses of all sizes to simplify the payments processes on their e-commerce portals.” 

Evan Lau, Chief Executive Officer, Bancstac, said: “We are excited to strengthen our partnership with Sampath Bank and deliver our online payment acceptance capability for American Express, Diners Club and Discover Network to Sampath Bank’s customers. We are committed to a vision of modernising Sri Lanka’s digital payment economy by delivering frictionless payment experiences to businesses, government and the community.”

Businesses can view their Sampath Payment Gateway transactions using the Bancstac IPG merchant portal to generate consolidated transaction reports and submit requests to void or refund transactions. Additional value-added features available to merchants include leveraging tokenisation for recurring transactions and creating single-use payment links, that can be attached to invoices, as well as shared over SMS or email. Merchants can also sell from anywhere on the island and process card payments using the hosted payment page from their mobile phone.  

 About Sampath Bank

Sampath Bank is a 100% local bank that has deeply rooted itself in the hearts of the people of Sri Lanka. Established in 1987, the bank has become a state-of-the-art financial institution that continues to be a market leader today thanks to its constant innovation and customer focused approach to business. It has introduced many firsts to the Sri Lankan banking sector including the introduction of ATMs to Sri Lanka, extended banking hours and slip-less banking to name a few. The Bank continues to steadily transform itself into a technology-driven financial services provider whilst keeping true to local traditions and values. www.sampath.lk

 About Bancstac

Bancstac is a core technology infrastructure partner and payment innovation company to banks and their corporate clients, enabling seamless adoption and customization of digital payment and acceptance capabilities from closed- loop payment networks, real-time settlement systems and global card schemes. Bancstac is PCI DSS Level 1 certified and a PCI 3DS compliant payment processor, payment gateway, payment aggregator, payment orchestration platform and technology innovation company. Bancstac is a preferred and certified global technology partner to UnionPay International and enables banks to directly connect to the card scheme. www.bancstac.com

Nations Trust Bank American Express Partners with Bancstac, to Offer Innovative Online Payment Capabilities

Expanding digital accessibility at a time of increasing demand for online transactions, Nations Trust Bank entered into a strategic partnership agreement with Paycorp International, a wholly owned subsidiary of Bancstac, to launch innovative and safer payment capabilities, benefiting both Nations Trust Bank American Express merchant business partners as well as Cardmembers.

Bancstac is a pioneering payment technology company that is Payment Card Industry Data Security Standard (PCI DSS) Level 1 certified and offers 3D secure certified payment verification to protect businesses and consumers against fraud across all major credit card schemes. As an authorised payment aggregator for Nations Trust Bank American Express, Diners Club and Discover Network card payments, Bancstac supports the Bank’s merchant business partners to offer Cardmembers a seamless online payment experience that is secure and encrypted.

Niluka Gunatilake, Head of Cards at Nations Trust Bank said, “We are supportive of all our American Express, Diners Club and Discover Network payment aggregators and chose to partner with Paycorp International because they offer a unique industry solution to consumers, businesses and banks in Sri Lanka. Paycorp International can integrate with a Bank’s legacy payment systems and offer our merchant business partners the ability to accept American Express, Diners Club and Discover Network online card payments without any merchant-side technical integration work. This partnership will enable a seamless plug-and-play solution that we believe is a unique benefit to our wide network of business merchant partners.”

Furthermore, Nations Trust Bank American Express merchant business partners will be able to utilise the Paycorp International IPG merchant portal to view American Express, Diners Club and Discover Network transactions processed via Nations Trust Bank. These enhancements will give merchant business partners the ability to generate consolidated transaction reports, submit void and refund transactions, leverage tokenisation for recurring transactions, and generate single-use payment links which can be attached to invoices and shared over SMS and email, amongst other capabilities.

Evan Lau, Chief Executive Officer of Bancstac added, “We are excited to partner with Nations Trust Bank to bring innovative payment capabilities to Sri Lanka. This strategic partnership uniquely positions us to deliver on our vision to modernise Sri Lanka’s digital payment economy. Through bank partners such as Nations Trust Bank, our PCI DSS Level 1 certified IPG makes it easy for businesses, governments and communities to facilitate secure e-commerce transactions.”

About Nations Trust Bank

Nations Trust Bank PLC is among the top 15 business establishments in Sri Lanka as ranked by Business Today. Stemming from its vision of “helping people and businesses by providing financial services and information to achieve their goals and aspirations in a sustainable way”, the Bank serves a diverse range of customers across both individual and corporate, with an enviable portfolio of banking and financial products and services. Strongly focused on digital empowerment through cutting-edge digital banking technologies, the Bank is a pioneer in many innovative customer centric banking solutions such as extended banking hours, and FriMi – Sri Lanka’s first digital banking experience. Delivering premium value, service and connecting its Cardmembers to rewarding experiences and opportunities Nations Trust Bank PLC is an issuer and sole acquirer of American Express Cards in Sri Lanka. The Bank operates 96 branches across the country and has an ATM network covering 127 locations and 48 Cash Deposit & Withdrawal Machines, plus more than 3,700 ATMs on the Lanka Pay Network. www.nationstrust.com

About Bancstac

Bancstac is a core technology infrastructure partner and payment innovation company to banks and their corporate clients, enabling seamless adoption and customization of digital payment and acceptance capabilities from closed- loop payment networks, real-time settlement systems and global card schemes. Bancstac is PCI DSS Level 1 certified and a PCI 3DS compliant payment processor, payment gateway, payment aggregator, payment orchestration platform and technology innovation company. Bancstac is a preferred and certified global technology partner to UnionPay International and enables banks to directly connect to the card scheme.www.bancstac.com/paycorp-SL/