ComBank celebrates 16 years of providing card payment solutions via ‘Goldnet’

The Commercial Bank of Ceylon recently celebrated 16 years of successful operations of the ComBank Goldnet System – the Bank’s payment card services platform which currently hosts six domestic banks and financial institutions as well as the country’s two leading telecommunications service providers.

The Commercial Bank Goldnet Symposium 2024 organised by the Bank for Goldnet members comprised of a series of technical presentations on topics relevant to the payment cards ecosystem, and the presentation of tokens of appreciation to Goldnet members in recognition of their unwavering and continuous partnership with Commercial Bank and their contribution to promoting digital payments in Sri Lanka.

Commercial Bank launched Goldnet in 2007 to provide cards-related services to banks and financial institutions in Sri Lanka. Over the years, the Goldnet system has processed millions of payment card transactions with 99.9% uptime, helping member banks and financial institutions to provide a convenient payment experience to their customers.

Speaking at the evening session of the Goldnet Symposium 2024, Commercial Bank’s Chief Operating Officer Mr S. Prabagar said: “As a pioneer in digital banking in Sri Lanka and the largest private bank in the country with a 103-year legacy, we believe that it is our duty to facilitate smooth transaction flows in the digital sphere, no matter which financial organisation is conducting it, ensuring that customers get the benefit of a user-friendly service.”

“Commercial Bank has remained steadfast in its promise to make digital financial services a way of life, focusing on long-term strategic plans. We are keen to collaborate, share knowledge, and innovate further in this space. To achieve the ambitious national digital transformation goals, it is of paramount importance that all organisations should work towards making products and services simple, secure and convenient for users.”

The topics covered at the full day technical sessions of the symposium were Goldnet Operations; Information Security in Payment Cards; Card Fraud & Security; Card Disputes & Chargeback; LankaPay Operations; Future Readiness Mobile Based Payments; and Goldnet Products & Services.

Commercial Bank’s Goldnet system currently provides payment cards-related services ranging from card issuance, card personalisation, ATM services and card-less cash withdrawals to Dialog, SLT Mobitel, Amana Bank, Central Finance, Senkadagala Finance, Sanasa Development Bank, Citizens Development Bank and LOLC Finance.

Commercial Bank is the leader in digital banking in Sri Lanka, with its flagship digital banking app ComBank Digital being the most-used digital banking app in the country and the Bank’s digital payment app Q+ the market leader in the digital payment space.

Commercial Bank is also credited with numerous first in this sphere, including being the first bank to launch contactless payments, the first to launch EMV in-house personalisation, the only Bank to facilitate card-less withdrawals for mobile networks and the first to offer Visa 3DS services for e-commerce. All these facilities were immediately extended to the Bank’s Goldnet partners.

Commercial Bank is the largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World. The Bank operates a strategically located network of branches and 964 automated machines island-wide and is the largest lender to Sri Lanka’s SME sector. Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.