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.
By Ifham Nizam
Sri Lanka’s gem and jewellery industry, once a jewel of the nation’s economy, is now at a critical juncture. Against this backdrop, Deputy Minister of Industry and Entrepreneurship Development Chaturanga Abeysinghe calls for urgent reforms and collective efforts to restore the industry’s global standing and unlock its untapped potential.
Highlighting the challenges, Abeysinghe remarked, “Sri Lanka has lost its gemstones in two ways – as citizens and as a country. The famed Blue Sapphire, valued at a minimum of Rs. 150,000 per carat, and other high-value gems like rubies are treasures that should place our nation on the global map. Yet, we have failed to leverage this heritage.”
The deputy minister shed light on key issues plaguing the industry:
The imposition of VAT on imported uncut gems has severely impacted local polishing and value-addition industries. “Earlier, there was a flat charge of USD 200 per consignment, but the new VAT regime has crippled gem-related businesses. In the past year, exports have dropped by 30%, he explained.
“The lack of standardization in gem pricing remains a unique challenge. The buyer determines the price of a gem, making regulation incredibly difficult, said Abeysinghe.
Abeysinghe added: “Illegal Chinese traders and issues with mining licenses further exacerbate the industry’s struggles.
“Sri Lanka must aim to become a USD 2 billion industry. To achieve this, we need to transform into a hub for gem and jewellery operations.
“The industry’s recovery depends on a coordinated effort from all stakeholders.
“We need to create specialized zones for gem and jewellery operations to attract international investors and establish Sri Lanka as a global hub.
“Industry associations and unions have come together to save this sector. This collaboration offers a unique advantage to the government in addressing immediate and long-term challenges.
“The new machinery prototype developed by the University of Sri Jayewardenepura’s engineering faculty in collaboration with the Asian Development Bank (ADB) is laudable.
“This innovative tool has the potential to modernize the sector. However, commercialization requires an additional USD 2,000, and we must act swiftly to make this a reality.
“Achieving a USD 15 billion reserve by 2028 hinges on industries like ours. Removing VAT on uncut gems is not just a demand but a necessity for the survival and growth of the sector.
“With its rich heritage and immense potential, Sri Lanka’s gem and jewellery industry stands at the threshold of a revival. However, this journey requires urgent policy reforms, investments, and collective determination to reclaim its rightful place on the world stage.”
The Automobile Association of Ceylon (AAC) celebrated its 120th anniversary recently.
The members of the Executive Committee, several other well-wishers and government and other officials participated.
At the ceremony the National Development Bank launched its Affinity Credit Card to members of AAC.
By Hiran H.Senewiratne
Sri Lanka has an immense growth potential in its travel and tourism industry, yet this rich potential has not been realized. Therefore, capacity building in the hotel sector is the need of the hour to attract more tourists into the country in the future, a top travel and tourism sector expert Chandana Amaradasa said.
“At present Sri Lanka has approximately 40,000 rooms, which need to be doubled at least within the next three to five years. Apart from that the best solution would be to upgrade existing hotels which are operating to five star level, said Amaradasa who works as a Managing Director at Island Leisure Lanka, an award winning hospitality and destination management company which celebrated the 15th anniversary of its founding at Colombo Club at Hotel Taj Samudra recently.
” The Sri Lankan tourism sector is now bullish with the arrival of two million tourists in 2024, while this year we could expect 2.5 million to 3 million tourist arrivals with an expected revenue of US $ 3.5 billion to 4 billion. Therefore, capacity building in the hotel sector is now an important factor to cater to the ever increasing tourist arrivals into the country, he said.
Amaradasa, former Senior Manager of Taj Hotels and former vice president, Ceylon Hotels Graduates’ Association also said that the imposition of VAT liability from zero for the inbound tourism sector is one of the disadvantages for the industry.
Amaradasa added: “Abandoned old colonial buildings, circuit bungalows and other important buildings belonging to the government should be handed over to the private sector to develop them into hotels as a short term solution for this issue.
“Tax impositions for inbound tour operators who are doing yeoman service to bring tourists into the country would definitely affect the growth of the sector. Therefore, the government and relevant authorities should immediately address that issue.”
Amaradasa who is also an Executive Committee Member PATA also said that, high quality PR campaigns are needed globally to attract high quality tourists into the country, while minimizing brain drain in the sector. “The industry is now suffering due to the exodus of high quality travel and tourism sector employees, which is an important factor to consider and address at this juncture, he said.
“Sri Lanka possesses two of the oldest golf links in the world, and could be promoted as a golf hub in the region, Amaradasa added.
P. B. Terney Pradeep Kumara appointed as Director General of the Department of Costal Conservation and Coastal Resources Management
Amendments to the Code of Criminal Procedure Act No15 of 1979 to be Gazetted
Obtaining 02 tug vessels on rental for the Sri Lanka Ports Authority
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