Paycorp International (Private) Ltd

What Paycorp International (Private) Ltd does

Paycorp International (Private) Ltd is a wholly-owned subsidiary of Bancstac, incorporated in Sri Lanka and operating as the South Asian operating entity of a global payment technology platform. Following its 2019 acquisition by Bancstac, Paycorp International has served as the regional hub for Sri Lanka and Maldives, owning the customer relationships with five licensed card acquiring banks covering 60% of Sri Lanka's acquiring market, including Sampath Bank, Hatton National Bank, DFCC Bank, Commercial Bank of Ceylon, and Nations Trust Bank. The entity also extends supports to Hutch Sri Lanka and the Government of Sri Lanka through bank partners.

Bancstac, the Cayman Islands-incorporated parent, builds and operates a cloud-native, modular banking infrastructure platform that delivers payment network endpoints, omnichannel gateway and orchestration, risk and compliance systems, Sentinel active infrastructure defence, merchant management, technical support, and a sovereign agentic banking layer. The technology stack is anchored by direct aggregator/connectivity relationships with all major global schemes - UnionPay International, Visa, Mastercard, American Express, JCB, Discover, Diners Club, Alipay+, and domestic networks such as LankaQR - enabling acceptance in 183 countries. Engineering and R&D are run from Bosnia and Herzegovina (acquired 2019) and Vietnam (expanded 2025), with a new R&D hub opened in Ho Chi Minh City.

The company monetizes through a combination of fully managed technology platform services and payment transaction fees, sold to banks and financial institutions under long-term enterprise agreements; pricing is not publicly disclosed. Bancstac is privately held, backed by a multi-family office and management team, with no institutional venture rounds disclosed. Paycorp International itself operates as the regional operating subsidiary without disclosed revenue, headcount, or financials.

Name

Paycorp International (Private) Ltd

Legal name

Bancstac

Website

https://paycorp.lk

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Paycorp International (Private) Ltd is a wholly-owned subsidiary of Bancstac that operates as a B2B payment infrastructure provider for banks and financial institutions in Sri Lanka and the Maldives, deploying cloud-native payment processing, gateway, and merchant management technology under long-term enterprise services agreements.

Ownership category

akta.pro rank

Product category

Payment Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Merchant Payment Gateways (API/Hosted Checkout) (FSAMACAA)

akta.pro secondary industries

Integrated Payment Processors (PSP/Acquirer) (FSAMABAA), Payment Processing & Acquiring Infrastructure (FSAGABAC), Smart Routing, Cascading & Payment Optimization (FSAMACAJ)

Keywords

• Payment gateway technology
• Banking infrastructure
• Merchant acquiring services
• Payment processing platform
• Financial technology

Headquarters

HQ city

Colombo

HQ country

Sri Lanka

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Technology Platform Licensing and Managed Services: Bancstac/Paycorp provides fully hosted, politically neutral technology platform to banks. The company builds, hosts, and maintains proprietary cloud-native bank infrastructure and technology platforms. Revenue appears to be generated through technology services agreements with banks, providing payment processing, gateway, and orchestration capabilities under long-term partnerships.
2. Payment Processing and Gateway Services: Provides payment processing, payment gateway, and payment aggregator services with direct connectivity to payment networks. Enables banks to accept payments from various card schemes and digital wallets.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Paycorp International provides PCI DSS Level 1 certified payment processing technology and merchant acquiring services for banks in Sri Lanka. Operating as part of Bancstac's sovereign financial infrastructure platform, it enables banks to accept payments from major global card schemes (Visa, Mastercard, UnionPay, American Express, Diners Club, Discover, JCB) and alternative payment methods (LankaQR, Alipay+). The company delivers payment network endpoints, an omnichannel payment gateway and orchestration engine, risk and compliance systems, merchant management tooling, and an active infrastructure defence capability.

Product overview

Bancstac is a modular cloud-native banking infrastructure platform offering a comprehensive suite of integrated payment and financial technology solutions. The platform architecture consists of core infrastructure products (Payment Network Endpoints, Omnichannel Payment Gateway & Orchestration Engine, Risk & Compliance Systems, Sentinel Active Infrastructure Defence, Merchant Management Ecosystem, and Technical Support System) that work together as an integrated payment processing stack. This core is complemented by the Sovereign Agentic Infrastructure platform for AI-powered automation, which includes the Bancstac Cognitive Engine (RAG-based knowledge retrieval) and Proprietary Subject Area Models (domain-specific AI). The platform is designed to be modular, allowing financial institutions to selectively adopt capabilities, with all components sharing a unified architecture focused on sovereign, politically neutral financial infrastructure.

Differentiator

Problem solved

Functional benefit

Products and services

• Payment Network Endpoints Connectivity layer that links banks in Sri Lanka to major global card schemes and alternative payment methods, enabling transaction routing, authorisation, clearing and settlement across multiple networks.
• Omnichannel Payment Gateway & Orchestration Engine Unified gateway and orchestration layer that allows banks to route, manage and optimise payment transactions across channels, schemes and alternative payment methods from a single integration point.
• Risk & Compliance Systems
• Merchant Management Ecosystem
• Sentinel - Active Infrastructure Defence Active defence capability for the payment infrastructure, providing continuous monitoring, threat detection and resilience to protect the platform, its bank clients and merchant endpoints.

Quantifiable outcome

• 60% of licensed card acquiring banks in Sri Lanka use Bancstac technology
• +2 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability10 records

Feature6 records

Partnerships

17 partnerships are on record, tiered core, strategic and minor.

• Commercial Bank of Ceylon (CommBank)coreStrategic or Co-development Partner · 18 April 2026Long-term Technology Services Master Agreement for deployment of bank-controlled payment processing infrastructure. Direct, secured connection between Bank's core systems and Bancstac's infrastructure. Currently supports Visa, Mastercard, UnionPay, JCB, LankaQR with future expansion planned.
• Alipay+coreChannel Partner/ Reseller/ Distributor · 13 August 2025Partnership enables acceptance of Alipay+ and partner wallets from China (Alipay) and 13+ countries including Singapore, Malaysia, South Korea, Thailand, Vietnam, Philippines, Indonesia, Pakistan, Mongolia, Kazakhstan, EU. Supports 30+ global payment partners and access to 1.5+ billion customers.
• Hutch Sri LankastrategicStrategic or Co-development Partner · 27 November 2023Strategic partnership deploying Bancstac technology across all Hutch digital sales channels. Enables Hutch customers to settle payments with all major cards including Visa, Mastercard, UnionPay International, American Express, Discover Network and Diners Club. Hutch is subsidiary of CK Hutchison Holdings (Fortune 500).
• Hatton National Bank (HNB)coreStrategic or Co-development Partner · 23 October 2023Strategic partnership to launch innovative payment capabilities and expand into international markets. HNB merchants can accept secure online payments from Visa, Mastercard, UnionPay International, dynamic QR code checkouts with real-time currency conversion. HNB is expanding merchant acquiring business internationally starting with Maldives.
• DFCC BankcoreStrategic or Co-development Partner · 8 September 2022Strategic technology partnership enhancing DFCC Bank's Internet Payment Gateway Service. Merchants can accept payments from Visa, Mastercard, UnionPay International, American Express, Discover Network, Diners Club, along with LankaPay-JCB Cards and LankaQR. DFCC Bank has a rich history spanning over 66 years.
• UnionPay InternationalcoreStrategic or Co-development Partner · 27 January 2022Strategic commercial partnership. Bancstac is a UPI trusted technology partner providing banks with direct connection to the card scheme. Enables acceptance of UnionPay cards (world's largest with 7+ billion cards issued) across 180+ countries. Bancstac provides UnionPay 3DS online payment authentication.
• American ExpresscoreChannel Partner/ Reseller/ Distributor · 27 January 2022Bancstac is an authorized payment aggregator for American Express card payments, enabling seamless acceptance for bank merchant partners.
• Nations Trust BankcoreStrategic or Co-development Partner · 9 July 2021Strategic partnership agreement for innovative payment capabilities as authorized payment aggregator for American Express, Diners Club and Discover Network card payments. Enables seamless plug-and-play solution for merchant business partners.
• Sampath BankcoreStrategic or Co-development Partner · 1 January 2012Long-standing strategic partnership. Bancstac enables Sampath Bank to accept payments from Visa, Mastercard, UnionPay International, American Express, Diners Club, Discover Network, LankaQR, and Alipay+. Sampath Bank was the first local bank to enable online payments across six major issuer networks and dynamic LankaQR codes. Partnership includes USD settlements and refunds for 40+ digital wallets across 12+ countries.
• Commercial Bank of MaldivesminorStrategic or Co-development PartnerEnables online payment solutions for Commercial Bank of Maldives, allowing acceptance of Visa, Mastercard, UnionPay International.
• EFTEXminorChannel Partner/ Reseller/ DistributorAustralian payment services provider partnership.
• VisacoreChannel Partner/ Reseller/ DistributorDirect connectivity and integration partnership enabling Visa card acceptance across bank merchant networks.
• MastercardcoreChannel Partner/ Reseller/ DistributorDirect connectivity and integration partnership enabling Mastercard card acceptance across bank merchant networks.
• JCBcoreChannel Partner/ Reseller/ DistributorDirect connectivity partnership enabling JCB card acceptance.
• Diners ClubcoreChannel Partner/ Reseller/ DistributorBancstac is an authorized payment aggregator for Diners Club card payments.
• Discover NetworkcoreChannel Partner/ Reseller/ DistributorBancstac is an authorized payment aggregator for Discover Network card payments.
• UATPminorChannel Partner/ Reseller/ DistributorPayment network partnership for airline payments.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Temenos: Banking software vendor providing core banking and payments platforms to retail, corporate and Islamic banks worldwide. Competes for the same bank modernization RFPs as Bancstac, particularly in emerging markets.
• FIS: Large incumbent bank technology vendor offering core banking, payment processing, and merchant acquiring solutions. Competes with Bancstac for bank modernization budgets, but as a broader portfolio vendor rather than a focused emerging-market payment infrastructure player.
• Fiserv: Global payments and financial services technology provider, including Clover, First Data and bank core offerings. Competes with Bancstac in merchant acquiring and bank payments processing, especially in Asia-Pacific.
• Adyen: Global omnichannel payment platform providing unified payment processing across online, in-store and platform channels with a single contract and direct scheme connectivity. Overlaps strongly with Bancstac's omnichannel gateway and orchestration proposition, though Adyen is merchant-direct rather than bank-led.
• Stripe: Global payment infrastructure platform with developer-first APIs and direct scheme connectivity. Competes with Bancstac's orchestration and gateway capabilities at the merchant and platform layer, though Stripe is merchant-direct rather than bank-led.

Direct peers

• Galileo Financial Technologies: Payment processing and API platform serving banks, fintechs and corporate clients with card issuing, acquiring and transaction infrastructure. Directly analogous to Bancstac's bank-facing processing and orchestration stack.
• ACI Worldwide: Long-standing provider of real-time electronic payment processing and bank-grade payment orchestration software serving banks, merchants and corporates globally. Closest functional competitor to Bancstac's payment network endpoints and orchestration engine.
• Marqeta: Cloud-native modern card issuing and payment processing infrastructure, including a marketplace of payment networks. Comparable in architecture (cloud-native, API-driven) and in serving regulated financial institutions with managed payment infrastructure.

Emerging players

• Thought Machine: Cloud-native core banking platform used by tier-1 banks to replace legacy core systems. Comparable to Bancstac's cloud-native, modular architecture and shared 'modernize legacy bank infrastructure' thesis, though Thought Machine focuses on core ledger rather than payment processing.

Regional players

• Network International: Leading Middle East and Africa payment processor serving banks and merchants. Comparable in being a regional, bank-led payment processor with strong merchant acquiring capabilities, but does not directly compete in South/Southeast Asia.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Paycorp International (Private) Ltd