Business News Update: Fashion Bug, a leading clothing retailer in the country, has appointed the Commercial Bank of Ceylon as its Internet Payment Gateway (IPG) service provider, enhancing its website’s security and user friendliness for online shoppers.
Payment processing on the retailer’s web portal will be facilitated by Commercial Bank with Mastercard Payment Gateway Services (MPGS).
The service for fashion Bug will cover the authorization of Credit and Debit cards and processing of payments by Mastercard, Visa and UnionPay branded cards. This is a secure e-commerce solution because merchants are provided with server-hosted pages whereby card details are processed on the Payment Server and not on the merchant’s end, the Bank said.
Commercial Bank`s IPG solution is fully compliant with Payment Card Industry Data Security Standard (PCI- DSS) requirements enabling card-on-file transactions through tokenization, keeping the purchaser’s sensitive card details away from the vendor‘s systems. It offers access to a comprehensive set of fraud mitigation tools, supporting both Mastercard Secure Code and Verified by Visa 3D secure authentication solutions, while providing a fully-automated method to process ComBank Easy Payment Plans. It also supports device-optimized payment screens which are designed to offer a seamless experience to users of various devices.
Commercial Bank has also equipped Fashion Bug outlets with Near Field Communication (NFC) enabled point of sale (POS) terminals, enabling shoppers simply tap their Visa or Mastercard branded credit or debit cards on the terminals and carry out their payments, without having to hand over their cards to outlet staff. This technology too improves the security of each transaction by offering maximum protection against the skimming or cloning of cards and against counterfeit transactions, when payment processing takes place at the outlets.
Fashion Bug commenced operations in 1994 as a four-person partnership business with a staff of just 15. Today, with 16 stores throughout the country and a workforce of over 900 employees, Fashion Bug stands among the leading clothing stores in Sri Lanka. A truly Sri Lankan brand, Fashion Bug empowers over 2,000 small and medium sized Sri Lankan entrepreneurs and takes pride in providing the latest clothing, accessories and household product designs to the ever-changing modern consumer.
The only Sri Lankan Bank to be ranked among the world’s top 1000 banks for nine years consecutively, Commercial Bank operates a network of 267 branches and 856 ATMs in Sri Lanka. The Bank won over 40 international and local awards in 2018, has received more than 25 awards to date this year, and been ranked among the 10 Most Admired Companies in Sri Lanka in 2019.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay PyiTaw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
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