“In just 30 months of operation, we’ve processed over LKR 6.5 billion,” declares Founder & CEO of DirectPay, Kanishka Weeramunda. The fast-growing fintech company backed by John Keells Holdings through the John Keells X startup accelerator has broken records amid a global pandemic. Like its parent company PayMedia, the company has secured many awards to recognise its innovation and success. Recently, DirectPay secured 8 prominent awards at NBQSA 2021 with the overall silver award, out of which 2 have also been nominated for the regional Asia Pacific ICT Awards (APICTA).
DirectPay has knocked down the doors of the new year in grand style. Much of this success is credited to the team behind its products. Their hard work was augmented by the guidance of the company’s founders Kanishka Weeramunda and Sasindu Pathiranage, bringing 10+ years of experience in technology. As a result, the company is now solidifying its position as it expands into new avenues.
At NBQSA 2021, the fintech company has secured many new accolades. Each of these revolves around its customised solutions to the banking, retail, finance, and insurance industries.
The DirectPay App – Gold Award
Banking, Insurance and Finance in Consumer Category
Within the DirectPay ecosystem, the app is the nexus where all things come together. For example, you can easily make digital payments for your purchases using the app. Similarly, suppliers can also receive payments through the app. Likewise, all of the other different innovative solutions by DirectPay are also accessible through the app with a single tap.
NSBPay – Gold Award
Citizen Services and Digital Government in Public Sector Category
Also nominated for an award at APICTA, the NSBPay app was developed through a collaborative effort between PayMedia, DirectPay, and the bank. Notably, it also received the Public Sector Most Outstanding ICT Achievement Award at NBSQA 2021. This award recognises the effort made towards introducing and nurturing an ICT environment that offers betters services to citizens of Sri Lanka.
NSBPay was built using the latest technologies and is a shining example of open banking. With streamlined access to banking services, its users can easily make deposits, loan payments, fund transfers, and more. Thus, it pushed the banking experience for NSB customers to a new tier of convenience. But, of course, you don’t need an NSB account to use it. The beauty of an open banking platform is that anyone can use it. As Kanishka shared, “Most of the app’s users don’t have NSB accounts, yet they can still utilise the vast majority of its features.”
DirectPay Supply Chain Solution – Silver Award
Supply Chain Logistic in Industrial category
Traditionally, conglomerates used non-digital methods for payments across their supply chains. Speaking to Arteculate, Kanishka elaborates, “Most of these payments were made either using cheques, cash or through bills settled the next day. However, these were all largely inefficient means of settling payments. So when COVID struck, businesses had to look for digital alternatives.” Thus, DirectPay’s supply chain solution became a revolutionary game-changer. It addressed the shortcomings of traditional methods with automated digital payments across the entire supply chain.
EFT (Electronic Fund Transfer) Switch – Silver Award
ICT Network and Communications in Industrial Category
Another product brought to life by DirectPay is the EFT Switch. It, too, was nominated for the regional APICTA awards. The system serves as a digital bridge connecting banks, POS environments, LankaQR, and all other fund transfer mechanisms and is supported by LankaClear CEFTS. In doing so, the EFT Switch facilitates an open environment for digital transactions and it has crossed LKR 90 Billion transactions within the first 6 months of its operation. This shift in payments has evolved the existing ecosystem and brings unparalleled flexibility to users islandwide.
DirectPay Internet Payment Gateway – Bronze Award
Banking, Insurance and Finance in Consumer Category
The DirectPay IPG is a national success story in its own right. We’ve previously covered how it crossed milestones in record time. Now that having surpassed LKR 6.5 billion in payments processed, the DirectPay IPG shows no signs of slowing down. Speaking to Arteculate, Kanishka shared the secret to their success was, “We don’t provide a standard vanilla IPG to our clients. Instead, we focus on building a customised solution that meets their needs.” Thus, DirectPay has built a robust IPG for seamless digital payments with a wide range of features and integrations.
DirectPay POS – Bronze Award
Retail and Distribution in Consumer Category
“A typical Point of Sales (POS) machine is a capital expense. However, by leveraging innovative technology, we’ve created a POS machine that is an income-generating asset for businesses,” states Kanishka. The DirectPay POS terminal supports several digital payment methods. On top of this, the company’s biller system is also integrated into the POS machine. But where it truly shines is through portability and connectivity. Kanishka elaborated on this by pointing to the logistics industry. Here you’ll find companies using the device enjoying improved efficiencies with cash-on-delivery and greater visibility due to real-time updates to their ERP systems.
DirectPay Biller Platform – Merit Award
ICT services Solution in Business Service Category
Previously, if a business wanted to offer its customers a way to pay their bills, it would’ve had to speak to several providers individually. Would it have enhanced their value proposition? Yes. However, it’s still a struggle to coordinate between several different entities, notably small businesses. The DirectPay Biller Solution eliminates this problem. The system is an integrated billing platform companies can use to offer several services to their customers. Its features include facilitating utility bill payments, mobile top-ups, insurance payments, and lease rental collections.
DirectPay eKYC Solution – Merit Award
Banking, Insurance and Finance in Consumer Category
KYC (Know Your Customer) forms are the initial foundation for B2C engagements in certain industries like banking and insurance. But, the reliance on physical forms presents several challenges. Primarily, the archival, retrieval, and storage of this crucial information. The pandemic has resulted in digital solutions such as DirectPay’s eKYC solution. Initially, it was used primarily by banks.
Soon after, companies active in finance, investment, insurance, and other industries began using it. As the product evolved into new verticals, it gained new capabilities such as video KYC. Most recently, DirectPay introduced support for medical KYC processes. Importantly, all data collected through this system is securely stored using blockchain technology. Through a strategic partnership between DirectPay and Singapore-based FlexID Technologies, such innovative security was made possible.
Industry-wide recognition: Overall Silver at NBQSA + 2 more at the FITIS Digital Excellence Awards
Alongside the recognition it received for each of its innovative products, DirectPay also received the Overall Silver Award at NBQSA 2021. It recognises DirectPay’s talent as an established leader in the fintech industry known for its digital payments solutions. Kanishka humbly credits much of this success to the tireless efforts of the talented team of 18 professionals. All of them worked tirelessly to build the innovative products of DirectPay that made digital payments seamless.
These latest accolades come after DirectPay received 2 awards at the FITIS Digital Excellence Awards. The fintech company received the Gold Winner for Connected Partner Ecosystems award for its EFTS Switch. It also received the Bronze Winner for Born-Digital Organization, recognising its strength as a digital company. Needless to say, DirectPay has started the year with a bang.
What’s next for DirectPay in 2022?
As 2022 dawns, the company is preparing to expand into new frontiers. Speaking to Arteculate, Kanishka announced that DirectPay is preparing to launch micro-lending products for consumers and SMEs. Building upon their existing success, the sky is the limit for DirectPay as it takes Sri Lankan fintech to bold new frontiers.