Jumhouria Bank appoints Compass Plus Technologies to boost long-term growth across Libya
Jumhouria Bank previously outsourced its payments tech to multiple third-party providers – the new in-house solution minimises operating costs and directly responds to the needs of customers in the digital age.
Jumhouria Bank, the largest bank in Libya, has partnered with Compass Plus Technologies to launch its new in-house processing centre utilising the award-winning open-development payments platform, TranzAxis.
Jumhouria Bank embarked on the project after identifying the need to streamline operations and have its own modern in-house payments infrastructure. Previously the bank outsourced its payments processing business to multiple third-parties, which had become costly and complex. The new in-house processing centre enables the bank to bring new banking products to market at speed – in order to maintain its position as the leading bank in Libya – as well as respond to customer demands for remote banking products and merchant acquiring services.
The migration was successfully completed just days ago and was delivered entirely remotely by Compass Plus Technologies. Jumhouria Bank holds the biggest market share in Libya including a large customer base, number of ATMs and POS terminals in the market and therefore wanted to have more control over its payments infrastructure and work with a partner that would enable the bank to innovate at speed and grow its business operations securely for future.
Compass Plus Technologies holds over three decades of experience in delivering payments technology innovation and was chosen for the project due to its third-generation payments platform, TranzAxis, being like no other – allowing enhanced customisations and monitoring. Built for the future, TranzAxis will help Jumhouria Bank meet its longer-term objectives, including the launch of a new suite of digital and remote banking services. In terms of meeting current needs, all of the bank’s existing issuing and acquiring services including ATMs, POS devices, card switching and management have been migrated to the new system, including integration with the Libyan national switch.
Mr. Abdurazag Tarhuni, General Manager at Jumhouria Bank, said: “Compass Plus Technologies have played an integral part in helping us maintain our position as the leading bank in Libya as well as realise our future vision. We’ve thoroughly enjoyed working with the project team at Compass Plus Technologies to implement TranzAxis – customisation is an inherent feature of the platform itself, which provides us with greater flexibility.
"By launching our Electronic Payment Solutions and contributing to its capital as the processing centre for electronic payments for the bank, we now also possess the ability to launch new products and services at a faster pace – ensuring we meet the needs of our customers both now and in the future. This will enable us to occupy an advanced competitive position within the banking market.”
Mr. Mohamed Hijazi, AVP and MEA Regional Business Development Director, at Compass Plus Technologies, said: “This is a very exciting project and one that we’re proud to be part of. Jumhouria Bank is growing rapidly in Libya and required an advanced payments platform which offers the flexibility to launch new products with convenient to fit for the future of payments. Our award-winning open developments payments platform, TranzAxis, allows Jumhouria Bank to innovate at speed and deliver a true omnichannel experiences to its customers. I’m looking forward to a long and successful partnership with Jumhouria Bank and would like to thank everyone involved in the project as the close relationship between both organisations made it possible to deliver this project 100% remotely.”