Compass Plus, an international provider of retail banking and electronic payments software to processors and financial institutions, has announced that Kenya Commercial Bank, one of the largest banks in the country, has launched its in-house processing centre built on TranzWare products from Compass Plus.
Kenya Commercial Bank set out to replace its entire retail banking system, previously built on separate solutions from different providers, to one fully integrated platform that would improve the bank's efficiency, increase performance, provide flexibility and be fault-tolerant. The migration of the bank's credit and debit cards to the new system, which was completed at the beginning of 2014, signals the completion of the first stage of an ambitious project to reorganize the bank's technological infrastructure. The bank now benefits from being able to develop and launch new products and services to market in a significantly reduced timeframe.
The second stage of the project includes the full migration of Kenya Commercial Bank's acquiring network, more than 350 ATMs and 3,000 POS terminals, to the TranzWare platform. The bank, which is already a Principal Member of both Visa and MasterCard, also plans to become certified in issuing and acquiring contactless cards from both international payment systems. The newly integrated platform from Compass Plus will significantly improve the system usability and minimize service and development costs.
"We chose TranzWare because of its reliability, flexibility and the wide range of functionality it offers, which has enabled us to build a state-of-the-art retail banking platform within a short period of time," said Mrs. Annastacia Kimtai, Director Retail Banking Division, Kenya Commercial Bank. "The collaboration with Compass Plus enables us to look forward with confidence as well as to develop long-term plans that will benefit our customers."