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Coimbatore, April 1

Corporation Bank has identified a third party processor of credit cards, ElectraCard Services, for processing LIC Credit Cards. “The bank will issue white label credit cards on behalf of LIC Cards Services Ltd and the cards will be launched soon,” an ElectraCard Services (ECS) release said. The life insurance major is expected to leverage on its database of 235 million policyholders to issue these cards in the first phase of the roll-out. The facility is expect ed to help policy holders remit LIC premiums by swiping the card. ECS would handle the processing of the credit cards from applications, card and accounts, transactions, billing, statements, payments, dispute resolution and general ledger besides providing additional services round the clock to LIC card holders. —

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