Pine Labs has partnered with Bank of Ceylon from Sri Lanka to enable the bank to issue and manage prepaid multi-currency travel cards for its customers.
The card issuance technology is driven by Pine Labs Limited's Credit+ platform, offering an integrated issuing stack for the bank to offer travel cards at scale and adhere to security requirements. The physical cards will be issued under Mastercard and allow the bank to cater to an overseas traveller’s exchange requests.
Multi-currency prepaid cards for Bank of Ceylon
The Credit+ platform is an API-first issuing, acquiring, and processing platform serving issuers and acquirers who seek to offer debit, credit, co-branded, EMI, forex, or prepaid cards. The solution also takes care of issuer processing services, such as consumer onboarding, underwriting, KYC, card issuance, transaction processing, fraud prevention, and collections. Additionally, Credit+ helps with managing chargeback processing, tokenisation safeguards, and authorisation rules, among others.
Pine Labs created this solution especially for banks and financial institutions to comply with the complex regulatory landscape across various jurisdictions and regions. As of 31 Dec 2024, it powers 71 million credit, debit, and prepaid accounts for 28 issuers across 16 countries.
The company stated positive feelings regarding the collaboration with the Bank of Ceylon, Sri Lanka’s largest state-owned commercial bank, as the alliance will drive an improved tech-first card issuance experience for customers seeking prepaid multi-currency cards.
Bank of Ceylon’s BOC Multi-Currency Travel Card aims to offer convenience and safety when carrying multiple currencies in one digital card, enabling its customers to travel overseas freely and transact with ease and at a lower expense than having to bear currency exchange loss. The bank has currently issued over 20,000 cards with Pine Labs’ help as its Card Management System vendor that manages and controls card operations.
