Tuesday, October 20, 2020

ComBank, Ceylinco Life takes online payments to new level

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 offeringEasy Payment Plansforholders 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 www.ceylincolife.com will be powered by Commercial Bank through Mastercard Payment Gateway Services (MPGS). Ceylinco Life policyholders can simply visit the website, insert their policy numbersand 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 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 performonline 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.

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