06/07/2021 | News release | Distributed by Public on 06/07/2021 02:04
The Commercial Bank of Ceylon has introduced a Corporate Fuel Credit Card and a Prepaid Fuel Card that can exclusively be used for fuel purchases and will eliminate the cumbersome fuel allowance reimbursement process currently followed by most companies.
Designed to benefit large companies as well as small and medium enterprises that reimburse employee fuel bills every month, these cards aim to replace company fuel books and travel voucher books and significantly save time spent on verifying bills, collating and reconciling usage information, and fretting over lost receipts, the Bank said.
A Prepaid Fuel Card is essentially issued to employees of a company, at the request of a company and is a reloadable card that works like a debit card and can only be used at fuel stations. At the beginning of each month, a company can credit an employee's monthly fuel allowance in advance to his or her ComBank Prepaid Fuel Card account which can then be used to purchase fuel. Monthly usage is provided to the company by the Bank and the company can top up the card with the required amount to enable the employee to utilise his or her next month's allowance.
Meanwhile, a Corporate Fuel Credit Card is enabled with an automated settlement option where the fuel usage of an employee is automatically debited from the company's current account when the Card is used by the employee to pump fuel.
In 2019, Commercial Bank launched prepaid cards that can be topped up with funds online and used for different or specific purposes while allowing their users to better manage their spending habits and enjoy minimal exposure to risk. These cards included a multi-purpose Spend Card that can be used by individuals to provide money for spending to family members, and a Prepaid Web Card for online transactions.
Commercial Bank Credit and Debit Cards offer year-round promotions covering a wide variety of services. Commercial Bank was the first bank to offer loyalty rewards for both Credit and Debit Card holders under its Max Loyalty Rewards Points scheme. The Bank was also a pioneer in extending promotional discount offers which were traditionally only offered for Credit Cards to its Debit Cards.
Commercial Bank cards are the fastest growing cards in Sri Lanka and enjoy market leadership in Credit and Debit Card cumulative point-of-sale usage. The Bank offers a variety of Credit Cards in the Silver, Gold and Platinum tiers of Visa, Mastercard and UnionPay Cards, as well as Visa Signature, World Mastercard, Visa Infinite, UnionPay Asia Prestige Platinum and UnionPay Asia Prestige Diamond Cards in the premium segment. The cards are equipped with 'Tap 'n Go' NFC technology and are backed by a strong NFC Point-of-Sale (POS) network.
Sri Lanka's first wholly carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 10 years consecutively, Commercial Bank operates a network of 268 branches and 932 automated machines in Sri Lanka. The Bank's overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.