DFCC Bank and Synapsys launch e-payment system
DFCC Bank recently launched the 'V Cash Card' to support Sri Lanka's
SMEs and tea leaf suppliers.
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DCEO, DFCC PLC, Lakshman Silva lights the oil lamp |
This ground-breaking 'Supplier Settlement System' designed and hosted
by Synapsys brings the convenience of electronic banking to small tea
leaf suppliers and growers throughout Sri Lanka by providing them with
an automated payment collection service and access to cash withdrawals
across the country. The 'V Cash Card' is an innovation launched in
partnership with Synapsys, the Banking Technology subsidiary of the DFCC
Group.
At the launch, 'V Cash Cards' were distributed to 25 tea suppliers
and growers at the KDU head office.
DCEO, DFCC PLC, Lakshman Silva said, "We remain dedicated to
spearheading a new financial future for Sri Lanka and its people. The 'V
Cash Card' is a novel concept that resolves the issues faced by buyers
and suppliers and provides them with a convenient and dependable
electronic payment mechanism."
CEO, Synapsys, Dinesh Fernandopulle said, "It is a new era of
inclusive financial platforms. Farmers are issued NFC cards for
identification, weighing-scales communicate with hand-held devices used
by Leaf Collectors to reduce fraud, GPS tracks location, and farmers can
even interact with the platform using their mobile phones if desired."
"Everything is integrated with Agrobusiness' ERP via the platform
that we manage, hosted at Sri Lankan Telecom. The Agro-chain is a growth
segment for us. Beginning with the tea industry, we will move into
dairy, rubber and coconut. This platform drives an ecosystem of
smallholder farmers, agro-businesses and banks," he said.
The innovative system is the precursor of an era where transactions
are settled electronically eliminating the need for cash and the related
risks of theft, fraud or counting errors. The 'V Cash Card' gives
tea-leaf suppliers the opportunity to have proceeds from their sales
managed by a bank, and transferred directly to their bank accounts.
The KDU Group will provide suppliers with the option of using the 'V
Cash Card'. |
