For Kumari Bank, this collaboration marks the transition from its previous local processing company to a global processing partner with modern and adaptable technology. Moreover, it aims to improve its capabilities and bring new products and services to the market at pace.
Through this partnership, Kumari Bank aims to overcome the limitations and operational challenges imposed by its previous processing solution. Addressing this issue, Compass Plus Technologies was able to provide the flexibility, adaptability, and scalability the bank required to navigate the Nepalese market. Moreover, this collaboration aligns with the bank's vision to deliver new products and services such as Green PIN and Cardless ATM withdrawals.
Compass Plus Technologies intends to be in the foreground of handling various services critical to Kumari Bank's operations, including transaction switching and routing, ATM and POS acquiring, credit, debit, and prepaid card issuance, merchant management, and ecommerce services. Currently, over 500.000 cards, 1.200 POS terminals, and almost 300 ATMs have been migrated across as part of the project.
UK-based Compass Plus Technologies provides payment technology and services customised for the ever-evolving needs of the market. From startups and industry experts, its technology focuses on customers, offering them the possibility to control their payment ecosystems.
In December 2022, Compass Plus Technologies partnered with BIC Bank Cambodia to help it expand its digital offering, starting with the addition of Mastercard debit cards to its portfolio. This partnership came after the company introduced a solution named Pocket Bank to reduce time-to-market for launching a mobile banking app in June 2022. Based on scripts that enable access to any banking services, this mobile-first banking solution was designed to help financial institutions save both time and money when developing a mobile banking app by overcoming challenges such as lengthy developments and costly customisations.
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