Nepalese commercial bank, Kumari Bank, has entered into a strategic partnership with Compass Plus Technologies in a bid to bolster its payment processing capabilities.
Through the collaboration, the Kathmandu-based company will utilise Compass’ processor and technological capabilities for full-stack payments processing, according to The Paypers.
It is hoped that the partnership will allow Kumari Bank to overcome the limitations and operational challenges posed by its previous processing solution, as it aims to aims to enhance its payment processing capabilities and introduce innovative services such as Green PIN and cardless ATM withdrawals.
The move signifies the company’s shift from a local processing solution to a global partner equipped with modern technology. The goal is to enhance capabilities and introduce new products and services to the market swiftly.
Compass Plus Technologies is set to play a pivotal role in handling numerous vital services for Kumari Bank, these include transaction switching and routing, ATM and POS acquiring, credit, debit, and prepaid card issuance, merchant management, and eCommerce services.
The migration of over 500,000 cards, 1,200 POS terminals, and almost 300 ATMs is already underway as part of this project.
Plans to expand Kumari Bank’s payments offering further are already in place. The bank is aiming to obtain Mastercard and UnionPay certification and evolve into a processor, showcasing its commitment to sustained growth and innovation in the payments sector.
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