City Bank revamps e-commerce acquiring business with Compass Plus Technologies
City Bank, one of Bangladesh's leading financial institutions, has successfully migrated its e-commerce acquiring business to a cutting-edge payment gateway from Compass Plus Technologies. This landmark project saw the complete migration of City Bank’s 3,000 merchants in a single day, and marks a major milestone in the bank’s efforts to enhance its e-commerce offering for merchants and consumers alike.
City Bank's successful migration to the new payment gateway, which is certified with Mastercard, Visa, UnionPay and American Express, is a significant step forward in its digital transformation journey. The new payment gateway provides City Bank with the flexibility to adapt to evolving market needs and supports the Bangladeshi government's 'Smart Bangladesh' initiative, which aims to transform the country into a technologically advanced and sustainable society.
“This migration to Compass Plus Technologies’ payment gateway represents a major leap forward for City Bank and our merchants,” said Mashrur Arefin, Managing Director & CEO at City Bank. “Our primary goal is to offer world-class payments experiences to our customers, and this new platform allows us to do just that. We are now better equipped to support the growing demands of the e-commerce market.”
City Bank was the first bank in Bangladesh to officially go-live with Compass Plus Technologies’ payments gateway, underscoring its commitment to adopting cutting-edge technology to drive digital transformation. With over 70% of Bangladeshi banks already leveraging Compass Plus Technologies’ software for various banking and payments solutions, other FIs are expected to follow suit in the coming months.
Arthur Petrashov, Account Manager at Compass Plus Technologies, commented: “We are thrilled to have partnered with City Bank on this transformative journey. The successful and rapid migration of over 3,000 merchants in just one day is a testament to the robustness and flexibility of our payment gateway. We believe this implementation will set a new standard for e-commerce acquiring services in Bangladesh and beyond.”
Looking ahead, City Bank plans to expand the number of payment methods available through its payment gateway by empowering merchants to offer customers the ability to pay with new methods, such as Bangladesh’s TakaPay and local cards. As the bank continues to explore new opportunities, it remains committed to delivering the best possible experience for its customers, reinforcing its position as a leader in Bangladesh's financial sector.