DFCC Bank & SYNAPSYS launch ground-breaking “Supplier Settlement System”with convenience of‘V Cash Card’

In an effort to support Sri Lanka’s SMEs and the country’s large community of tea leaf suppliers, DFCC Bank recently launched the ‘V Cash Card’. This ground-breaking new “Supplier Settlement System” designed and hosted by SYNAPSYS brings the convenience of electronic banking to small tea leaf suppliers and growersthroughoutSri Lanka by providing them with an automated payment collection service and access to cash withdrawals across the country.  The ‘V Cash Card’ is an innovation launched in partnership with SYNAPSYS, the Banking Technology subsidiary of the DFCC Group.

At the launch, the first batch of ‘V Cash Cards’ were distributed to 25 tea suppliers and Growers at the KDU Head Office, in the presence of SamanUpasena- Managing Director of the KDU Group and Galpaditenna Tea Factory and his brother, ThushanUpasena – Owner;Proprietor of Nilvin Tea View Factory. Also present were dignitaries from DFCC Bank PLC and Synapsysincluding Lakshman Silva – DCEO, DFCC Bank, Dinesh Fernandopulle – CEO, SYNAPSYS, as well the senior management of DFCC Bank, &SYNAPSYS. The event was also attended by a large gathering of clients and small tea suppliers.

Commenting on the new “Supplier Settlement System”, Lakshman Silva,DCEO of DFCC PLC stated, “, we remain dedicated to spearheading a new financial future for Sri Lanka and its people.  The ‘V Cash Card’ is a novel concept that resolves the issues faced by buyers and suppliers and provides them with a convenient and dependable electronic payment mechanism. I am thankful to SYNAPSYSfor working together with us to deliver this unique solution, and to KDU Group for the confidence placed on us by choosing us as their payment settlement partner. I am very confident that this solution will undoubtedly uplift and support tea leaf suppliers who are the lifeblood of the local tea industry.”

“It is a new-era of inclusive financial platforms” stated Dinesh Fernandopulle, CEO of SYNAPSYS. Farmers are issued NFC cards for identification, weighing-scales communicate with hand-held devices used by Leaf Collectors to reduce fraud, GPS can track location, and farmers can even interact with the platform using their mobile phones if desired. Everything is integrated with the Agrobusiness’ ERP via the platform that we manage, hosted at Sri Lankan Telecom. The Agro-chain is a growth segment for us. Beginning with the tea industry, we are moving into dairy, rubber and coconut. This platform drives an ecosystem of smallholder farmers, agro-businesses and banks.”

The launch of the V Cash card is part of DFCC PLC’s relentless efforts to bring financial inclusionto the under-banked and un-banked sector of the Country. This innovative system can be hailed as the precursor of an era where transactions are settled electronically eliminating the need of physicalcash and the related risks of theft, fraud or counting errors. The ‘V Cash Card’ gives tea-leaf suppliers the opportunity to have proceeds from their salesmanaged by a bank, and transferred directly to their bank accounts. The card will also enable the tea suppliers to withdraw cash from over 700 ATMs of DFCC branches and selected other Banks across Sri Lanka.

The KDU Group, one the Islands largest Tea manufacturers will provide its suppliers with the option of using the ‘V Cash Card’. Through the increased efficiency, visibility and accountability provided by the “Supplier Settlement System”, the tea suppliers will havegreater confidence in the Leaf Collection process, more control of Receivables,free them of inconveniences and reap the benefits of perhaps the quickest settlement process converting “Crop to Cash” right at the farm-gate.

Incorporated in October 2006, Synapsys provides Consulting, Software Engineering and IT Operationsto the financial services industry. Its array of products and services support banks, capital markets, insurance and retail payments across Asia and the Pacific.

DFCC PLC stands apart from the rest of the banking industry by offering a diverse range of services in the areas of development, corporate and retail banking, supported by innovative banking technology, all offered under one roof. With decades of experience in all these areas, DFCC PLC is strengthened further by a professional and experienced team of employees, who are driven by a deep sense of commitment to achieve the bank’s new vision. DFCC PLC is committed to taking bold steps and growing in alignment with the government’s vision for the country.