Almost all the card issuers and acquirers locally are consuming the services of card systems powered by international vendors. Over the years, EPIC has witnessed that these international vendors have been overcharging local banks and financial institutions for system modifications and scheduled maintenances, which is not only a huge concern for these entities, but it is also affecting Sri Lanka’s economy in a significant way. In such a context, EPIC realized the potential role it could play in stopping the outflow of Sri Lanka’s foreign exchange by nurturing local talent with required domain expertise.

For the first time in Sri Lanka, EPIC is pushing the frontier of payment cards landscape forward with EPIC CMS, a fully-fledged card management system which facilitates end-to-end card issuance and merchant acquisition while catering to the entire socio-economic pyramid of customers and merchants alike.

The Card Issuance Platform aims to vastly expand the product offerings by providing the ability to issue a wide array of card products utilizing multiple card technologies to the consumer base. The built-in Merchant Acquiring Platform of EPIC CMS rationalizes multiple acquiring modes into a unified, cross-channel experience to empower merchants and expand the traditional merchant acquiring foot-print. The system core is powered by Epic’s Omni-Channel Synchronizer (OCS) that enables innovative front-end digital touch-points to be implemented swiftly and at a minimum cost, thus functioning as a single integrated hub to manage all digital delivery channels.

Despite being the last entrant to the card systems space in the island, EPIC CMS has been able to undoubtedly steal the show, having been strategically positioned to deliver an immense value proposition with novel features and capabilities while meeting the evolving technological needs and future business objectives. With Sri Lanka eyeing to reduce the cash outflow from the country, we are now quite comfortably positioned ourselves to fight with the so-called international payment giants in the card
systems space at a fraction of their cost.

Opening the door to a wealth of innovations and one-stop shop plans for CMS needs

EPIC CMS comes with a rich set of application services upon which new payment products and services can be quickly built upon on other Digital Banking Systems of the bank, to help drive business agility, growth, and collaboration thereby expanding the traditional CMS model. An all-inclusive, superior Customer Relationship Management (CRM) module catering to the dynamic needs of the banking and financial services industry also forms part of the system along with highly configurable and fully automated EOD and EOM processes. The newly issued DFCC Credit Cards through EPIC CMS offers 1% cash-back on every swipe – a first in the banking sector in Sri Lanka.

Importantly, a wide range of collections and recoveries features to administer overdue and delinquent cardholder accounts is embedded within the system to assist in ascertaining the bank’s financial stability, lowering write-offs, and increasing debt recoveries. Rule-based credit scoring engine, cash-back schemes, balance transfer services, easy payment schemes, loan on cards, loyalty schemes and redemption programs, standing instructions, dynamic merchant commission schemes, promotional offerings, sophisticated reporting, simplified system configuration, comprehensive monitoring dashboard, dynamic file formats, 3D secure support and automated bill settlement facility are some of the other key offerings of the system.

DFCC Bank marks history by becoming Sri Lanka’s first bank to roll out Visa’s Mobile Push

Payment Solution (mVisa) to expand and deepen consumer and merchant relationships The number of credit and debit cards in Sri Lanka has grown exponentially, with a growing trend of replacing cards with mobile devices. With its innovative technology, EPIC CMS is catering to this trend with the creation of a mobile payment ecosystem.

With out-of-the-box support for mobile push payment capabilities riding on the rails of Visa QR Solution (mVisa), it enables consumers to access funds more easily in their accounts to make everyday purchases both domestically and internationally. Combining the power of universal mobile-connected devices with low-risk ‘push payments’ as the underlying transaction has eventually enabled to drive easy cash – electronic conversion thereby providing the route to wider electronic payments.

The solution provides the convenience of a quick transaction along with enhanced security since consumers do not need to share their card details with the merchant anytime during the payment process, resulting in lower disputes. It also provides versatile transactional capabilities to drive widespread consumer acceptance and opens a new channel to access the Visa network to optimize in serving markets where traditional merchant acceptance rate is poor and where a low cost, lower risk payment acceptance capability is required. All in all, incorporating mVisa services into EPIC CMS has established a cost-effective payment acquisition platform for merchants by allowing merchants of all sizes to accept electronic payments without the need to obtain and run costly Point-of-Sale (POS) devices.

The mobile push payments suite is developed as per the technical standard of EMVCo, making it an easy transition to LANKAQR which has been introduced by the Central Bank of Sri Lanka making the QR code completely interoperable with other local payment service providers as well.

Top-of-the-line security

The entire solution is fortified with top-of-the-line security to ensure every interaction is safe. The security features embedded in the system comply with and conforms to various international standards and architectures. Tokenisation technology is bundled within the mobile push payments suite to replace sensitive card details with a surrogate value (token). This way, if the transaction was breached, no sensitive information is revealed, and the real card detail remains secure.

Provision to keep pace with the changing business dynamics

EPIC CMS is designed to seamlessly integrate with our suite of electronic channels resulting in a substantial extension, which overall will deliver comprehensive secure payment processing functionalities in a single suite at a fraction of the cost of managing and operating multiple systems from multiple different vendors.

The winning rhythm

Developed with over 20 years of experience in FinTech solutions, EPIC CMS won the Overall Gold Award as Sri Lanka’s Best Software Solution at the National Best Quality ICT Awards (NBQSA), 2018 and is well on its way to becoming the most sought-after Card Management System.

Epic Lanka