Pine Labs’ Credit+ platform powers BOC’s multi-currency prepaid forex instrument

Global fintech platform Pine Labs Limited announced its partnership with Bank of Ceylon (BOC) in Sri Lanka. 

This banking-fintech partnership will enable the bank to issue and manage prepaid multi-currency travel cards to its customers. 

Powered by Pine Labs Limited’s Credit+ platform, the card issuance technology for the bank built on modular architecture will offer an integrated issuing stack for the bank for issuance of these cards at scale and adhere to the security requirements. This card is a physical card, which is issued under the Mastercard scheme and allows BOC to cater to an overseas traveller’s foreign exchange requirements.

The Credit+ platform offers an API-first software solution for the issuers to offer debit cards, credit cards, forex cards, prepaid cards and manage the life cycle of their customers. The platform takes care of end-to-end issuer processing services including consumer onboarding, card issuance, transaction processing, fraud prevention and collections.

Pine Labs CEO B. Amrish Rau said, “From seamlessly managing chargeback processing to tokenisation safeguards, comprehensive authorisation rules and more, our card issuance Credit+ technology platform for banks and financial institutions is built to comply with the stringent regulatory requirements across various jurisdictions. We are delighted to partner BOC, Sri Lanka’s largest state-owned commercial bank and power a robust tech-first card issuance experience, for issuance of prepaid multi-currency travel cards to its customers.”

“Being a bank who objectively adds values to its customers’ life, BOC introduced the BOC Multi-Currency Travel Card that offers the convenience and safety of carrying multiple currencies in one digital card, allowing the customer to travel overseas freely and transact with confidence at a lower expense than having to bear currency exchange loss.

As at date we have successfully issued more than 20,000 cards and we are truly grateful for the services provided by Pine Labs as the Card Management System vendor to manage and control the card operations. Its unwavering commitment to quality and professionalism has significantly contributed to our success. We look forward to continuing this fruitful relationship to enhance the travel card issuance globally,” commented BOC Assistant General Manager International Upul Wijayathunga.