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Kumari Bank partners with Compass Plus Technologies

Tuesday 16 January 2024 13:51 CET | News

Nepal-based commercial bank Kumari Bank has partnered with Compass Plus Technologies to leverage its processor and technological capabilities for full-stack payments processing.

 

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.

bank Kumari Bank has partnered with Compass Plus Technologies to leverage its processor and technological capabilities for full-stack payments processing

 

Overcoming the limitations and operational challenges

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. 

Following this announcement, Kumari Bank stated that Compass Plus Technologies proved to be a partner capable of exceeding its evolving needs, ensuring a straightforward transition in the payments processing arena. As per Compass Plus Technologies, this collaboration marks a technological upgrade for customer satisfaction in the dynamic world of payment processing.
Looking ahead, Kumari Bank also plans to expand its payment offerings, starting with obtaining Mastercard and UnionPay certification, and evolving into a processor. Thus, the bank aims to extend beyond this partnership. 

Compass Plus Technologies' previous developments

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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Keywords:
Categories: Banking & Fintech
Companies: Compass Plus, Kumari Bank
Countries: Nepal
This article is part of category

Banking & Fintech

Compass Plus

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Kumari Bank

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