One of Sri Lanka’s largest listed entities, the Pan Asia Banking Corporation (PABC) and global fintech platform Pine Labs have today announced a partnership that will see the fintech major implementing an end-to-end card management platform for the bank.
Under this partnership, Pine Labs will deploy a full-stack Credit Card Management System for Pan Asia Bank. This platform will support high transaction concurrency and uptime, giving the bank flexible and scalable product configurations. Pine Labs’ Credit+ platform will be used for end-to-end issuance of credit cards for the bank, including card issuance, activation, billing, payment processing, reconciliation, and settlement.
Commenting on the partnership, B Amrish Rau, CEO, Pine Labs, said “Our engagement with Pan Asia Bank is around implementation of a modern credit card management platform using our cloud-native and API-first card management technology. Our platform will help the bank handle the entire card lifecycle giving them complete control over configurations, limits, and program logic as volumes scale.”
“This partnership with Pine Labs marks an important milestone in our digital transformation journey as it further strengths our ability to deliver faster, smarter and more secure card services to our customers, while building the scalable infrastructure required to support our long-term growth and innovation agenda,” said Naleen Edirisinghe, Director/Chief Executive Officer, Pan Asia Bank.
Credit+ platform of Pine Labs will integrate seamlessly with the bank’s core banking platform and payment networks. It will deliver rule-based controls and configurable limits via APIs. The customized architecture of the platform will help Pan Asia Bank introduce new card products, give real-time authorization, seamlessly modify controls, and swiftly respond to regulatory or market changes without making major changes to its core banking infrastructure.
This is the second major banking client for Pine Labs in Sri Lanka within a span of few months. As banks in the region continue to embrace agile alternatives to legacy card systems, Pine Labs is well positioned as a trusted technology partner to deliver innovative and future-ready card issuing and processing solutions.
Image Caption:
Sitting (L–R): Venugopal Choudhary, CTO & CBO, Pine Labs Credit+; Naleen Edirisinghe, Director/CEO, Pan Asia Bank.
Standing: Atul Tuli, CRO, Pine Labs Credit+ India & Sri Lanka; Dhanushka Sapugasthanna, Chief Manager – Consumer Banking, Pan Asia Bank, marking the signing of a strategic partnership between Pine Labs and Pan Asia Bank.
