Events

DFCC Bank Pioneers Corporate API Banking in Sri Lanka with Prime Group

DFCC Bank achieved a major milestone in its digital transformation journey by successfully onboarding its first corporate customer onto the Bank’s electronic banking platform, iConnect, via API connectivity. Prime Group, a leading name in Sri Lanka’s real estate sector, is now live with API technology, marking the successful completion of a pilot project and the first live implementation of the solution.

Three companies within the Prime Group—Prime Lands (Pvt) Ltd, Prime Residencies PLC, and Prime Constructions (Pvt) Ltd—are now live on the iConnect API platform. All three entities have successfully implemented vendor payments via APIs, enabling real-time payment initiation and status visibility. In a pioneering move for the local real estate industry, Prime Lands has also activated Statements via APIs and Virtual Accounts, establishing Sri Lanka’s first fully automated digital deposit and payment tracking system in the sector. Virtual Accounts provide a seamless collection, tracing, and reconciliation solution for customers with multiple receivable sources. This integration replaces older Host-to-Host (H2H) methods and introduces a new level of operational efficiency, reducing manual follow-ups and ensuring timely reconciliations.

Commenting on the successful implementation, Sohantha Wijesingha, Senior Vice President/Head of Corporate Banking at DFCC Bank PLC, said: “The iConnect integration with customers via API Banking is a bold leap forward in our journey to redefine digital banking for corporates. By partnering with a trusted and progressive organisation like Prime Group for this pilot, we were able to demonstrate the power of real-time integration and end-to-end automation. This is not just a tech upgrade—it is a new standard in banking that empowers businesses with speed, visibility, and control.”

Prime Group’s Chief Information Technology Officer, Rasika Udayanga, also shared his appreciation: “The successful onboarding of Prime Group to DFCC Bank’s API Banking through the iConnect platform is a significant milestone for us. We deeply appreciate the commitment and exceptional support extended by DFCC Bank and the Payments and Cash Management teams throughout the integration. This collaboration has enabled our Group to streamline vendor payments and implement fully automated reconciliation through Virtual Accounts, marking a first for Sri Lanka’s real estate sector.”

This achievement was made possible through close collaboration between the DFCC Bank Gampaha Branch, the Payments and Cash Management Team, and DFCC IT. API Banking through the iConnect platform offers real-time payment initiation, balance viewing, status enquiry, and automated reconciliation—capabilities offered by only a handful of banks globally.

With this launch, DFCC Bank has not only delivered a robust and scalable integration solution but also signalled its readiness to empower more corporate clients through real-time, digitised financial ecosystems.

About DFCC Bank

DFCC Bank PLC, established in 1955 and listed on the Colombo Stock Exchange since 1956, is one of Sri Lanka’s leading financial institutions. Regulated by the Central Bank of Sri Lanka and rated A (lka) by Fitch Ratings, the Bank offers a comprehensive portfolio of retail, corporate, and SME banking services, along with treasury, investment, and trade finance solutions.

With customer centricity and sustainable innovation at its core, DFCC Bank delivers seamless and secure banking experiences, which include digital platforms like DFCC MySpace, and through a network of 137 branches and access to over 6,000 ATMs via the LankaPay network.

A recognised leader in sustainable finance and renewable energy initiatives, DFCC Bank is committed to reducing environmental impact and fostering long-term economic resilience.