As part of its business expansion strategy, Yoma Bank’s main goal was to improve its time-to-market by launching new products and services more efficiently and at a greater speed.
The project was split into two phases. The first phase went live in March 2022, marking the complete migration of over 120 ATMs, 100 branches, 200 POS, and over 800,000 pre-issued local debit cards. New integrations were established between TranzAxis, the Myanmar Payment Union (Myanmar’s domestic payment processor), and Yoma Bank’s core banking system. Yoma Bank is also planning to introduce Mastercard-branded EMV cards and PayPass contactless cards pending certification with Mastercard.
In the second phase, Yoma Bank will launch corporate credit cards and its acquiring business. The bank’s acquiring business will be launched with Mastercard initially, followed by Visa, JCB, and UPI. It will also implement TranzAxis’ fraud management solution. In the future, Yoma Bank aims to continue its work with Compass Plus Technologies by integrating TranzAxis with its digital banking platform to enable them to introduce virtual card issuance to customers.
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