Pine Labs powers Bank of Ceylon’s multi-currency prepaid forex card

Pine Labs Limited has partnered with Bank of Ceylon to enable the issuance and management of a prepaid multi-currency travel card for Sri Lankan customers. The physical card, issued under the Mastercard scheme, is powered by Pine Labs’ Credit+ platform and is designed to address overseas travellers’ foreign exchange needs.

The Credit+ platform provides an API-first issuing stack for banks, covering services such as consumer onboarding, card issuance, transaction processing, fraud prevention, and collections. The platform’s modular architecture is built to scale and to meet security and regulatory requirements across jurisdictions.

“From seamlessly managing chargeback processing to tokenisation safeguards, comprehensive authorisation rules, and more, our card issuance Credit+ technology platform for banks and financial institutions is built to comply with the stringent regulatory requirements across various jurisdictions. We are delighted to partner with Bank of Ceylon, Sri Lanka’s largest state-owned commercial bank, and power a robust tech-first card issuance experience, for issuance of prepaid multi-currency travel cards to their customers.” — B Amrish Rau, CEO, Pine Labs Limited.

“Being a bank that objectively adds value to its customers’ lives, Bank of Ceylon introduced the BOC Multi-Currency Travel Card that offers the convenience and safety of carrying multiple currencies in one digital card, allowing the customer to travel overseas freely and transact with confidence at a lower expense than having to bear currency exchange loss.

As of this date we have successfully issued more than 20,000 cards, and we are truly grateful for the services provided by Pine Labs as the card management system vendor to manage and control the card operations. Their unwavering commitment to quality and professionalism has significantly contributed to our success. We look forward to continuing this fruitful relationship to enhance the Travel Card issuance globally.” said Upul Wijayathunga, Assistant General Manager (International), Bank of Ceylon.

According to Pine Labs, the Credit+ platform operates as a unified issuing, acquiring, and processing technology infrastructure that can support debit, credit, prepaid, and forex cards. As of December 31, 2024, 28 issuers in 16 countries had used Credit+ to issue 71 million accounts across credit, debit, and prepaid categories.

The platform supports multiple use cases, including domestic and international cards, travel cards, corporate cards, co-branded cards, gift cards, EMI programmes, and loyalty products. Its APIs cover the full lifecycle, from instant onboarding and KYC to virtual and physical card issuance, transaction management, fraud controls, and customer support workflows.