ECONOMYNEXT – Sri Lanka’s Epic Technology Group said the top three international credit card issuers, Visa International, Mastercard and American Express Global, had certified its secure payment software, enabling it to market the product globally.
"We have reached maturity in the software industry," said Nayana Dehigama, Executive Chairman and Managing Director of Epic Technology Group.
"Our ‘Access Control Server Solution’ has been certified by the international card issuers to provide secure payment processing."
Epic credit card security software is now ready to be deployed globally as the issuer certification means its product meets international standards, Dehigama told a news conference.
The software, designed and developed by Epic’s own engineers, provides secure payment processing for banks and financial institutions.
Epic provides secure electronic payment products, information systems security, and secure mobile communication and document management and also maintains online real-time payment processors.
Chief executive and chief architect of the product Viraj Mudalige said certification from Visa, Mastercard and Amex, who dominate the credit card market, was a major breakthrough for Epic.
Sampath Bank was Epic’s first customer for the product, followed by Nations Trust Bank.
"We added a Sri Lankan flavour to the product," he told EconomyNext.com. "International security software are common use products but we customised our product for multi-currency use and different security levels."
Low value transactions, for example, would have a lower level of security with higher security for high value transactions, he explained.
"Our product is one-third the cost of international products," Mudalige said. "This certification is a good opportunity for us to go global."
Epic said the product reduces risk of fraudulent transactions because the card issuing bank – Visa International, Mastercard or American Express Global – has to conduct a verification and user authentication before sending the transaction to the card acquirer for payment authorisation.
"This shifts the liability to the card issuers, which, in turn will help to reduce fraud when the cardholder is not presenting his or her card for the transaction," a statement said. (Colombo/Feb24/2016)