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Mastercard and Sri Lanka’s NDB offers solution to cut purchase fraud

ECONOMYNEXT – Sri Lanka’s NDB Bank and Mastercard is offering a paperless purchase control system that can simplify purchasing and cut fraud, a statement said.

"As Sri Lankan enterprises grow beyond their current horizons, they require payment solutions that do away with traditional systemic roadblocks and facilitate faster turnaround times without compromising on compliance," NDB Bank chief executive Rajendra Theagarajah said in a statement.

"With Purchase Control they will be able to simplify their business-to-business financial transactions while gaining greater control, security and transparency."

The purchase control system with purchase orders and invoice processing has a pre-approval process for cards with virtual account numbers to reduce fraud and employee mis-use.

The accounts payable (AP) with limited-use numbers for vendor and supplier payments, allows control over the payments process, and simplifying reconciliation, the statement said.

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