Epic Lanka propels DFCC to become Sri Lanka’s first bank to roll out Visa QR solution
Sri Lanka’s award-winning regional technology leader Epic Technology Group marked another milestone in the local financial landscape after its flagship Epic Card Management System (CMS) became Sri Lanka’s first CMS to be certified with Visa QR.
DFCC Bank will be the first bank in the country to launch this solution to its customers.
Epic CMS is Sri Lanka’s only fully-fledged card management system—a state-of-the-art, comprehensive electronic payment solution fully augmented to facilitate the full spectrum of card issuing and merchant acquiring capabilities.
It provides an all-inclusive platform for the provision of vital functions related to card issuance and merchant acquisition lifecycles such as application processing, card personalization, customer portfolio maintenance, card product management, backoffice operations, merchant and terminal management, multi-channel universal transaction switch for online real-time authorizations and transaction processing.
With the latest integration, Epic CMS now provides out-of-the-box support for mobile push payment services to combine the power of universal mobile connected devices with low-risk push transactions. The service brings the advantages of payment card associations— security, reliability, and global acceptance—and enables consumers to access funds more easily in their accounts through a mobile device to make everyday purchases both domestically and internationally.
The solution provides the convenience of a quick transaction along with enhanced security since consumers do not need to share their card details with the merchant anytime during the payment process, resulting in lower disputes. It also provides versatile transactional capabilities to drive widespread consumer acceptance and opens a new channel to access payment card networks to optimize in serving markets where traditional merchant acceptance rate is poor and where a low-cost, lower-risk payment acceptance capability is required.
Furthermore, it assists in allowing merchants of all sizes to accept electronic payments without the need to obtain and run traditional point-of-sale devices.
Commenting on the achievement, DFCC Bank PLC Chief Executive Officer Lakshman Silva said, “Upholding the pioneering innovation spirit that the bank is known for, DFCC Bank is pleased to be the first bank in the country to launch the Visa QR facility and the Visa Corporate credit card for our customers.
These pioneering initiatives were made possible through the CMS implementation that the bank carried out with Epic Lanka and we are indeed very pleased to be the first bank in Sri Lanka to partner with Epic on its very first CMS installation in the world.
DFCC Bank has proved its credentials as a trail-blazer in the industry, pushing the frontiers of digitalisation to pave the way for the rest of the industry. Our customercentric focus inspires us to embrace and adopt the latest technology to benefit our stakeholders and I believe our partnership with Epic will further strengthen us to empower our customers by offering novel, digital banking solutions.”
The entire solution is fortified with top-of-the-line security to ensure every interaction is safe. The security features embedded in this system comply with and conforms to various international standards and architectures. Moreover, the solution ensures compliance with the regulatory guidelines defined by the respective payment card associations and monetary authorities.
Tokenization technology is bundled within the mobile push payments suite to replace sensitive card details with a surrogate value (token). This way, if the transaction was breached, no sensitive information is revealed and the real card detail remains secure.
Epic Lanka Managing Director/ Chief Executive Officer and Chief Payment Solutions Architect Viraj Mudalige said, “We are extremely delighted and proud of accomplishing this monumental feat after having embarked on this spirited journey way back in the year 2008. We stepped into this competitive electronic payment space with a clear manifesto in mind, which is to create a massive name for Sri Lanka in the global financial landscape.
After nearly 10 years of hard work, we have come out with Sri Lanka’s first fully-fledged card management system that is more advanced than similar solutions developed in international markets.
By introducing Visa QR through a locally developed card management system, local banks can enjoy an enormous financial benefit as the cost would be a lot less that the solutions developed overseas. We firmly believe this product and solution will allow the local software development sector and banking industry to enter a new chapter in Fintech innovation.”