Nepal’s Kumari Bank taps Compass Plus Technologies for payments processing
Nepal-based commercial bank, Kumari Bank, has selected Compass Plus Technologies as its new payments processor.
Kumari Bank taps Compass Plus for payment processing
The pair says the partnership marks a “pivotal moment” for the bank as it transitions from a local processing company to an international one. Kumari Bank says it chose to go with a new processor in order to “overcome the limitations imposed by its previous processing solution, which presented operational challenges”.
The bank says Compass Plus Technologies was the “ideal choice” as it offered flexibility, adaptability and scalability that the bank was looking for, to flourish in the Nepalese market.
With the partnership, Compass Plus Technologies will now be responsible for handling operations including transaction switching and routing; ATM and POS acquiring; credit, debit and prepaid card issuance; merchant management and e-commerce services.
The pair states that it has migrated over 500,000 cards, 1,200 POS terminals and almost 300 ATMs, as part of the transformation project. In the future, Kumari Bank aims to expand its payment offerings, starting with securing Mastercard and UnionPay certification.
Back in 2018, another Nepalese bank, Nabil Bank, had migrated its card processing business to Compass Plus Technologies.
