Commercial Bank of Ceylon has announced a partnership with DirectPay, one of the fastest-growing fintech start-ups in Sri Lanka, to provide Internet Payment Gateway (IPG) support and operate as the acquiring bank for the cashless payment solutions the latter develops for clients.
With this partnership with Commercial Bank, DirectPay aims to expand its suite of services such as fully-integrated payment point-of-sale devices to discover new markets and inventory management solutions with payment integration on card and LankaQR payments for small and medium (SME) businesses and corporates in the country.
DirectPay will also collaborate with the bank on products such as micro lending and pay-day loans as well as to offer its merchant clientele more efficient ways of making supply chain payments.
Further, with the backing of Commercial Bank and its expertise as a leading IPG service provider in the country, DirectPay will enhance its offerings of customised digital payment solutions for businesses in the insurance, education and e-commerce industries that will enable them to move away from cash-on-delivery-based transactions and facilitate a host of digital payment options for the products and services offered. The introduction of these modern payment methods is aimed at providing customers with a choice of multiple payment options, the company said.
A specialised service provider to businesses operating in the financial and telecom industries, DirectPay, which was founded in 2018 and has developed multiple payment channels that benefit both the end customer and the client’s suppliers. These solutions include mobile-based payment apps, Internet payment gateways, payment links to receive remote payments and subscription payments where there is recurring revenue or bill settlement.