Central Bank of Mongolia selects Compass Plus for payments infrastructure

Wednesday 7 July 2021 10:44 CET | News

The Central Bank of Mongolia has completed a national project to migrate its entire payments infrastructure to Compass Plus solutions.

Due to increasing transaction volumes, the bank needed a solution that could service large volumes of transactions. The project went live at the end of April 2021 after the final Mongolian bank was successfully connected to the new system.

The introduction of the new system for the Bank of Mongolia will boost the availability of services the bank is able to provide its customers and the quality of customer service. It will also enable the bank to launch new products and services to market much quicker than it previously could, according to the official press release.

The Payment Systems Department (PSD) of the Bank of Mongolia acts as a leader in the National Payment System. It operates three major systems: Large-value system, Low-value system, and Payment card system. The National Electronic Transaction Center (NETC) of the PSD plays a crucial role in the nationwide payment system by functioning two main systems such as low-value and payment card systems.

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Keywords: central bank, payment processing, financial services, partnership
Categories: Banking & Fintech
Countries: Mongolia
This article is part of category

Banking & Fintech