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CommBank partners with Bancstac to strengthen digital payment infrastructure. Signs long-term Technology Services Master Agreement for the deployment of Bank-controlled payment infrastructure The Commercial Bank of Ceylon has announced that it has entered into a long-term Technology Services Master Agreement with Bancstac, to deploy a secure, compliant, scalable and fully bank-controlled payment processing infrastructure, reinforcing the Bank's leadership in digital financial services. Commercial Bank will instruct merchants to integrate with its Internet Payment Gateway (IPG) and associated technology modules to process online and card-not-present transactions. The solution establishes a direct, secured and encrypted connection between the Bank's core systems and Bancstac's payment infrastructure, with no reliance on third-party intermediaries. Both authorisation of transactions and the settlement of funds will continue to be routed through the Commercial Bank switch, a product of Euronet Worldwide, ensuring that transaction processing remains under the Bank's full visibility and governance. The Commercial Bank IPG currently supports Visa, Mastercard and UnionPay, and will be enhanced to include JCB and Sri Lanka's own National Card Schemes. It also supports LankaQR and other non-card payment methods, reinforcing the Bank's strategy to expand e-commerce, QR acceptance and alternative digital payment channels. Through this single integration, Commercial Bank gains access to a comprehensive Bancstac technology suite with 24/7 monitoring, proactive alerting, operational support, issues resolution, merchant integration assistance, and continuous system maintenance and upgrades covering merchant onboarding and administration tools, advanced fraud mitigation and risk management capabilities, compliance enhancements for continuous regulatory and payment network participation obligations, refund and chargeback handling, tokenisation, hosted payment pages, scheduled payments, simplified e-commerce features and batch payment processing. The Bank receives transaction data, system logs, and automated reporting, reconciliation and settlement information, enabling the Bank to verify the accuracy of fee calculations and transaction integrity in real time. Bancstac maintains the highest global payment industry security certifications and standards, including PCI-DSS and PCI-3DS certifications, management systems aligned with ISO 27001 information security standards, and data protection and privacy standards compliant with GDPR. Importantly, Commercial Bank retains full authority over merchant onboarding, access management, reporting visibility, system usage and end-to-end fee assessment. The agreed monthly fee structure is designed to be transparent, predictable and cost-effective, with the Bank maintaining oversight of all merchant interactions, refund approvals and risk management processes. The solution meets all of the Bank's compliance and data security requirements, and the regulatory requirements of the Central Bank of Sri Lanka relating to payment processing and data protection. Mr Seevali Wickaramasinghe, Chief Manager - Card Center at Commercial Bank said the agreement marks a decisive step in the Bank's digital transformation journey. "This long-term partnership with Bancstac enables us to modernise our payment gateway infrastructure with direct connectivity, full operational visibility and complete governance control. By adopting a fully secured and scalable technology stack, we are strengthening our capacity to support the rapid growth and innovation of e-commerce and digital payments in Sri Lanka, while ensuring that transaction processing remains firmly within the Bank's risk and compliance framework," he said. Mr Evan Lau, CEO - Bancstac, said: "We are deeply committed to delivering secure sovereign financial infrastructure and future-ready payment technologies in support of the Bank's ambition to provide a reliable, modern and secure digital payment experience to merchants and customers. Our strategic collaboration with Commercial Bank brings together advanced payment gateway and orchestration capabilities, continuous innovation, PCI-DSS and PCI-3DS certified infrastructure and industry leading operational support under a single, integrated framework. This collaboration also allows the Bank's merchants to apply directly to Bancstac to seamlessly enable payment acceptance from American Express, Discover Network and Diners Club cardholders." The Bank said merchants using the Bank's acquiring services will gain access to a continuous pipeline of future payment innovations that will be seamlessly launched within the Commercial Bank IPG without the need for any additional integration work by merchants. Digital transactions will be processed through this enhanced payment infrastructure and direct gateway-to-bank connectivity, which translates into higher authentication rates, faster authorisations, strengthened security, smoother payment experiences with fewer transaction failures and greater system uptime. Merchants will have access to multiple global card schemes, QR-based options, seamless refunds and dispute resolution supported by the Bank's robust governance framework. This strategic collaboration represents a significant milestone in Commercial Bank's ongoing digital transformation initiatives and aligns with Sri Lanka's broader shift toward a digital-first financial ecosystem. Bancstac provides sovereign and politically neutral payment infrastructure to licensed financial institutions. Bancstac maintains direct connectivity to core banking systems, global payment networks and alternative forms of digital payments. It also develops, and helps to seamlessly launch, any bank requested payment innovation at fintech speed. Commercial Bank is the first Sri Lankan bank with a market capitalisation exceeding US$ 1 Bn. and was also the first bank in the country to be listed among the Top 1000 Banks of the World. Commercial Bank has the highest capital base among all Sri Lankan banks, is the largest private sector lender in Sri Lanka, and the largest lender to the country's SME sector. Ranked No. 1 in the Business Today Top 40, Commercial Bank is recognised as the most respected and most-awarded Bank in Sri Lanka. Commercial Bank is also a leader in digital innovation and is Sri Lanka's first 100% carbon-neutral bank. Commercial Bank operates a network of 272 strategically located branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a microfinance company in Myanmar, and a representative office in the Dubai International Financial Centre (DIFC). The Bank's fully owned subsidiaries, CBC Finance PLC and Commercial Insurance Brokers (Pvt) Limited, also deliver a range of financial services via their own branch networks.

SRM appoints Ian Povey to International Advisory Board. * 3 hrs ago SRM, a trusted advisory firm serving financial institutions globally, announced the appointment of Ian Povey to its International Advisory Board. Povey joins the twelve-member board, which includes representation from five different countries and provides strategic guidance across the organization. Based in the U.K., Povey is a globally recognized leader in the payments industry with over 25 years of experience delivering large-scale technology transformation, operational resilience and regulatory compliance across the U.K., Europe, North America and Asia Pacific. He most recently served as CIO of Payments and Technology at NatWest Banking Group, where he oversaw group-wide payment technologies spanning RTGS, SWIFT, SEPA, Faster Payments, BACS and cheque systems. "Ian has spent his career at the forefront of payments modernization, simplifying complexity, advancing real-time capabilities, and helping shape the standards that define how money moves globally," said Brad Downs, CEO of SRM and Chairman of SRM Europe. "We are delighted to add his perspective and trusted voice to this distinguished group of leaders as we continue to shape our global strategy." Prior to NatWest, Povey served as CIO Of Payments Technology at Commonwealth Bank of Australia and held senior leadership roles at PayPal and MBNA. His career also included work on major global initiatives such as the Malaysian National ID program and early chip-based rewards and credit card programs. Povey has held numerous industry leadership roles, including Chair of the Technology and Production Committee at SWIFT, Co-Chair of the CIO Forum at Pay.UK, and Chair of the Standards Strategy Group at UK Finance, as well as board and committee positions with NPPA, Charities Trust and Archa Limited. "It's an honor to join this accomplished group of leaders, especially at a time when payments infrastructure is at a genuine inflection point," said Povey. "Institutions around the world are replacing decades-old systems and the strategic decisions being made right now will shape the industry for years to come. Having spent my career at the intersection of payments modernization and global standards, I know how much thoughtful guidance matters and look forward to contributing to SRM's work and the clients they serve." SRM is a global advisory and execution firm that helps financial institutions and fintechs modernize with confidence. For more than 30 years, SRM has gone beyond traditional consulting by uniting strategy, technology, and execution under one roof and one partner - bringing clarity to complexity and momentum to transformation. SRM consultants and practitioners pair deep industry expertise with a bias for action, helping organizations modernize payments, optimize vendor sourcing, shape enterprise strategy, accelerate M&A integration, and deploy transformative technologies. SRM is built to activate what's next, empowering clients to unlock growth, improve performance, and strengthen the institutions that strengthen communities - fueling their resilience, competitiveness, and capacity to sustain a diverse, thriving financial ecosystem for generations to come. Visit srmcorp.com for more information and follow on LinkedIn for timely and relevant industry insights. Media gallery