Source: Compass Plus
Nabil Bank, one of the leading banks in Nepal and the first private sector bank in the country, has migrated its card processing business to the Compass Plus Processing Centre.
The bank was established with the aim of extending international standard, modern banking services to Nepal and has migrated to Compass Plus to ensure it continues to meet and exceed these objectives.
Following an extensive tender process over the course of 10 months, Compass Plus was selected by Nabil Bank to replace its previous software vendor. As a pioneer in the domestic banking sector, the bank wanted to ensure its ability to continue to provide innovative banking products to its customers. With a focus on flexibility and cutting-edge technology, the Compass Plus Processing Centre - and in particular, the TranzAxis platform - was the best fit to support the bank’s issuing, acquiring and processing requirements. In total, the migration project took just over a year; however, the bank’s urgent requirement for a payment gateway for e-commerce took just three months to implement and go-live. Within the first year of migration to Compass Plus Nabil Bank introduced Nepal’s first electronic payment gateway and was also able to complete the upgrade of its ATMs to the EMV standard.
The completion of this project allows Nabil Bank to offer and provide processing services in the region, with the move to the Compass Plus Processing Centre enabling the bank to support issuing and acquiring for Visa, Mastercard and UnionPay.
The project is Compass Plus’ first with Nabil Bank, which has 326,000 cards in circulation, as well as more than 100 active ATMs and over 1,800 POS terminals. In the next phase, Nabil Bank intends to implement a variety of new services such as NFC, M-POS, and additional fraud prevention and detection functionality.
“We selected Compass Plus to augment our existing system after comprehensively comparing several software companies. In the end, Compass Plus won the bid due to their stronger technical skills, and the flexible and robust system proposed to us. Their project management team was able to successfully integrate and migrate our system, and over the last year they have provided us a very efficient service,” said Ramesh P. Lohani, Deputy General Manager, Nabil Bank.
“We are delighted to partner with Nabil Bank and support them in their continued success in providing high-quality processing services to financial institutions in Nepal,” said Alexander Bespaly, EVP, Managing Director Asia Pacific at Compass Plus. “Nabil Bank has a team of highly qualified specialists dedicated to delivering excellence and we look forward to the second phase of the project and whatever else the future might bring.”
Contributed | what does this mean?