Pine Labs, in collaboration with Bank of Ceylon from Sri Lanka, has facilitated the issuance and management of prepaid multi-currency travel cards for bank customers.

The card issuance process leverages Pine Labs Limited’s Credit+ platform, which provides an integrated issuing stack enabling the bank to scale up card offerings while maintaining stringent security measures. These physical cards operate under the Mastercard network, allowing Bank of Ceylon to meet overseas traveler exchange needs.

Pine Labs’ Credit+ Platform

Credit+ is a comprehensive API-driven platform designed for issuers and acquirers seeking to offer debit, credit, co-branded, EMI, forex, or prepaid card solutions. It handles various issuer processing services including consumer onboarding, underwriting, KYC verification, transaction processing, fraud prevention, and collection management. Moreover, Credit+ aids in managing chargeback processes, tokenisation security measures, and authorisation rules.

Pine Labs specifically developed this solution to cater to banks and financial institutions navigating complex regulatory environments across different regions. As of 31 December 2024, the platform supports 71 million credit, debit, and prepaid accounts for 28 issuers spread across 16 countries.

The partnership with Bank of Ceylon, Sri Lanka’s largest state-owned commercial bank, is seen positively by Pine Labs. The collaboration aims to enhance the tech-savvy card issuance experience for customers looking for multi-currency travel cards.

Bank of Ceylon’s BOC Multi-Currency Travel Card offers convenience and safety for travelers carrying multiple currencies within a single digital card. This service facilitates easy overseas travel transactions while reducing currency exchange costs, thereby minimizing the impact of potential losses.

In partnership with Pine Labs as its Card Management System vendor, Bank of Ceylon has already issued over 20,000 cards to date.