Kumari Bank partners with Compass Plus Technologies for full-stack payments processing
Another Nepalese banking leader selects Compass Plus Technologies to deliver issuing, acquiring and ATM acquiring services
In a strategic move towards enhancing its technological capabilities, Kumari Bank, one of Nepal's leading commercial banks, has selected Compass Plus Technologies as its processor. The collaboration marks a pivotal moment for Kumari Bank as it transitions from its previous local processing company to a global processing partner with cutting-edge, adaptable technology that will elevate its capabilities and empower it to bring new products and services to the market at pace.
The choice to embark on this transformative journey arises from Kumari Bank's determination to overcome the limitations imposed by its previous processing solution, which presented operational challenges. Recognising this, Kumari Bank embarked on a search for a partner capable of not just meeting but exceeding its evolving needs. Compass Plus Technologies emerged as the ideal choice, offering the flexibility, adaptability, and scalability the bank required to navigate the fast-changing and growing Nepalese market. The partnership aligns seamlessly with Kumari Bank's vision to deliver new products and services with unmatched agility such as Green PIN and Cardless ATM withdrawals.
Expressing enthusiasm about the collaboration, Anish Tamrakar, Chief Digital Banking Officer at Kumari Bank, stated, "At Kumari Bank, we envision a future where our offerings seamlessly align with the ever-changing needs of our customers. Compass Plus Technologies stood out as the perfect partner, ensuring not only a smooth transition but also establishing us as trailblazers in the payments processing arena. This partnership is a testament to our commitment to excellence and innovation."
Compass Plus Technologies brings a wealth of experience and a sterling reputation in the Nepalese market, further solidifying the confidence Kumari Bank places in its new partner. Compass Plus Technologies will now be at the forefront of handling various services critical to Kumari Bank's operations, including transaction switching and routing, ATM and POS acquiring, credit, debit, and prepaid card issuance, merchant management, and e-commerce services. Over 500,000 cards, 1,200 POS terminals and almost 300 ATMs were seamlessly migrated across as part of the project.
"This collaboration signifies more than a technological upgrade; it represents a shared commitment to innovation, customer satisfaction, and the relentless pursuit of excellence in the dynamic world of payments processing." remarked Nayan Raut, AVP and Regional Business Development Director at Compass Plus Technologies. “Kumari Bank and Compass Plus Technologies look forward to reshaping the future of banking in Nepal.”
Looking ahead, Kumari Bank has ambitious plans to expand its payment offerings, starting with obtaining Mastercard and UnionPay certification. The long-term vision for the bank extends beyond a mere partnership; it aspires to evolve into a processor, marking a transformative journey toward industry leadership.