Nabil Bank outsources card paytech to Compass Plus
New paytech project for Compass Plus in Nepal
Nepal-based Nabil Bank has migrated its card processing business to Compass Plus’ processing centre.
The project followed “an extensive tender process over the course of ten months” to replace the bank’s legacy software vendor, according to Compass Plus. Its processing centre, underpinned by the TranzAxis platform, “was the best fit to support the bank’s issuing, acquiring and processing requirements”.
Ramesh P. Lohani, deputy general manager at Nabil Bank, says the vendor got the deal due to its “stronger technical skills, and the flexible and robust system”. Lohani adds that Compass Plus has provided “a very efficient service” so far.
The bank can now support the issuing and acquiring for Visa, Mastercard and UnionPay.
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 completed the upgrade of its ATMs to the EMV standard.
The project is the paytech vendor’s 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, the bank will implement a range of new services including NFC, M-POS, and additional fraud prevention and detection functionality.
The new paytech solution has been interfaced to the bank’s long-standing core processing system, Infosys’ Finacle.
