ECS, Corporation Bank Team To Process LIC Credit Cards

ElectraCard Services (ECS), an electronic payment solutions provider, has been awarded a contract for end-to-end processing of LIC credit cards by Corporation Bank. The bank will issue white label credit cards on behalf of LIC Cards Services, a company owned by LIC of India as per the agreement entered into and the cards will be launched soon.

LIC of India plans to leverage its database of 235 million policyholders to issue these cards in the first phase of rollout. It also plans to launch a facility to pay LIC premiums using the credit card.

ECS will handle complete processing of the credit cards right from applications, card and accounts, transactions, billing, statements, payments, dispute resolution, and general ledger. ECS will also provide additional services in the form of a 24x7 help line to assist LIC card holders, as well as generate SMS and e-mail alerts. ECS will provide the entire infrastructure and manpower required for such operations and will manage all relationships with third party service providers that are engaged within this line of processing services.

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Ramesh Mengawade, CEO, ElectraCard Services, said, “We are clearly excited about extending our partnership with Corporation Bank for LIC cards. This will consolidate our position as a third party processor for credit card issuing in the country. With Corporation Bank, we are confident of setting new benchmarks.”