Business
ComBank raises the bar for payments authentication in Sri Lanka with Visa
The Commercial Bank of Ceylon has become the first Bank in Sri Lanka to deploy EMV 3DS fraud prevention technology in collaboration with Visa for authenticating payments made by Credit, Debit and Pre-paid cards issued by the Bank.
EMV 3D Secure is a global protocol specification released by EMVCo, that enables consumer authentication without adding unnecessary friction to the payment process, the Bank said. With this development, the OTP (One Time Password) sending function has been made more robust and secure, ensuring customer convenience and safety.
This authentication process involves the merchant sending certain data needed to validate a transaction to the card issuer. The Bank has the capability to enable low-risk purchases to be completed through the frictionless flow, facilitating speedy authentication by reducing page redirects and entering the information before payment. Potentially risky purchases on the other hand, will prompt cardholders to complete additional authentication through SMS, security questions and other mechanisms such as e mails in order to avoid fraud and validate the transaction.
The Bank said the new EMV 3DS feature from Visa Secure offers risk-based authentication and frictionless processing, further reducing the possibilities of e-commerce frauds and authentication failures.
The EMV 3DS specifications provide a common set of requirements that product providers can use to integrate this technology into their solutions. The specifications support app-based authentication and integration with digital wallets, as well as traditional browser-based e-commerce transactions.
“Security is one of the top priorities in digital payment transactions, but it must not be a cumbersome process that inconveniences customers,” Commercial Bank’s Deputy General Manager, Marketing Mr Hasrath Munasinghe commented. “With EMV 3DS we have truly state-of-the-art security protocols combined with flexibility to eliminate check-out friction by ensuring seamless and ultra-fast authentication with minimal inputs by the cardholder.”
Avanthi Colombage, Country Manager – Sri Lanka and Maldives, Visa said: “With e-commerce in Sri Lanka making a steady climb, the past year has seen numerous new consumers enter the digital commerce ambit, making it pertinent for e-tailers to balance elegant user experiences with superior transaction security.
Visa is delighted to partner with Commercial Bank of Ceylon to deploy Visa Secure and strengthen the bank’s focus on customer-centric digital solutions and seamless online shopping experiences. Visa Secure, built on EMVCo 3DS 2.0 protocol, gives consumers the comfort and confidence of making online purchases with minimum friction and faster checkout.”
Commercial Bank is one of Sri Lanka’s leading financial institutions in introducing state-of-the-art payment card technology and new digital experiences to its customers. The Bank continues to make significant investments in new technology that facilitate customers’ financial transactions with better security and convenience. Commercial Bank offers a wide range of card products to its cardholders as well as to merchants for making payments effectively, conveniently and securely.
Sri Lanka’s first fully carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 11 years consecutively, Commercial Bank operates a network of 268 branches and 931 automated machines in Sri Lanka. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
Visa is the world’s leader in digital payments and their mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Visa’s advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device. As the world moves from analogue to digital, Visa is applying its brand, products, people, network and scale to reshape the future of commerce.
Business
SIA warns of 1,000 SME collapses, urges fair policies to protect Sri Lanka’s rooftop solar sector
By Sanath Nanayakkare
The Solar Industries Association (SIA), representing over 1,000 companies and employing 40,000 workers in Sri Lanka’s rooftop solar sector, issued a stern warning recently regarding threats to the industry’s survival and the nation’s renewable energy ambitions. The association condemned recent regulatory instability and called for urgent policy reforms to avert economic and social crises.
The SIA categorically rejected the Ceylon Electricity Board’s (CEB) claim that rooftop solar installations caused the recent island-wide power outage, calling the accusation “baseless and misleading.”
“Public trust is eroded when accountability is misdirected,” the SIA stated. “We demand an independent, transparent investigation led by experts appointed by the Ministry or the Public Utilities Commission (PUCSL). The CEB’s unilateral statements disregard the sector’s contributions and jeopardize Sri Lanka’s renewable energy transition,” they said.
“While acknowledging the formation of a tariff determination committee, the SIA criticized its narrow focus on financial parameters, ignoring the sector’s socioeconomic value. Rooftop solar empowers businesses and households with energy independence, reduces grid strain, and supports climate goals. However, proposed volatile tariff structures risk destabilizing over 100,000 installations—primarily owned by middle-class families—and deter future investment,” they noted.
“A rigid, equation-based tariff system is unsustainable,” the association warned. “Sri Lanka needs a stable policy framework to attract long-term investments. For instance, retirees could invest EPF savings into solar projects, securing income while advancing national energy targets. Without urgent action, 1,000 SMEs and 40,000 jobs face collapse, with dire consequences for employment, energy security, and economic stability,” they pointed out.
SIA urged policymakers to establish an independent committee to investigate the power outage fairly, expand the tariff committee’s mandate to include socioeconomic and environmental benefits and implement predictable policies to safeguard SMEs, households, and investor confidence.
“Sri Lanka stands at a crossroads,” the SIA emphasized. “Protecting rooftop solar isn’t just about energy—it’s about livelihoods, economic resilience, and a sustainable future. We urge stakeholders to collaborate on solutions that prioritize both people and progress,: they emphasized.
SLT-MOBITEL has entered into a strategic partnership with Rush Lanka Group to provide exclusive SLT-MOBITEL Fibre connectivity solutions to their portfolio of luxury apartment developments in Colombo and the suburbs, enhancing the digital experience of all residents.
The agreement was signed between Imantha Wijekoon, Chief Business Officer of Consumer Business at SLT, and Zaid Ariff, Director of Construction at the Rush Group headquarters. Representatives from both companies also attended the ceremony.
Under the partnership, SLT-MOBITEL will serve as the exclusive digital service provider for five prestigious Rush Lanka developments including Street Rush Residencies and Rush Court 4 in Mt. Lavinia, Rush Tower 2, Rush Metropolis in Dehiwala, and Rush Court 5 in Colombo 14. The collaboration ensures residents will enjoy superior fibre connectivity speeds, enabling seamless digital experiences in modern smart homes. The partnership with the Rush Lanka Group aligns with SLT-MOBITEL’s commitment to offer ultra-fast, reliable connectivity solutions to residential developments. Delivering exclusive fibre connectivity to luxury apartments, SLT-MOBITEL ensures residents have access to world-class digital services that complement the living experience promised by Rush Lanka Group.
Powered by advanced fibre technology, SLT-MOBITEL network will provide the residences with seamless performance across digital activities. The SLT-MOBITEL Fibre backbone ensures lag-free experiences whether tenants are gaming online, attending virtual classes, working remotely, or streaming high-definition entertainment. SLT-MOBITEL Fibre will transform the lifestyles of all apartment users bringing greater convenience and superior quality of life.
Rush Lanka Group, established in 1992, is a property developer specializing in luxury and semi-luxury apartments.
Starting its promotional work for 2025, Sri Lanka Tourism Promotion Bureau (SLTPB) added another feather into its cap of endorsements, by being recognized as the most innovative Tourism Board promotion in Outbound Travel Mart (OTM) . In parallel to that, several other sub events were held. The OTM was held in Jio World Convention Centre, Mumbai—India, from 30th January to 01st February 2025.Before OTM, the Global Village – Global Exchange & Trade Exhibition was held at the Surat International Exhibition & Convention Centre , Sarsana, Surat (Gujarat – India , from 25th to 27th January 2025. This travel fair was organized by Southern Gujarat Chamber of Commerce and Industry (SGCCI).
Sri Lanka participated in both OTM and South Asia’s Travel & Tourism Exchange (SATTE), held from 19th – 21st Feb 2025, in New Delhi, India . This was an excellent opportunity for Sri Lanka to promote it’s potential as a unique travel destination, especially for the Indian counterparts, as SLTPB has identified India as the number one source market for Sri Lanka, tourism bringing the largest number of tourist arrivals to the destination.
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