Nepal-based Nabil Bank, the first private sector bank in the country, has moved its card processing business to the Processing Centre of Compass Plus, an electronic payment systems provider.
The migration is part of the bank’s goal of bringing international standard, modern banking services and products to its customers across the country.
Nabil Bank said that Compass Plus’ Processing Centre and the TranzAxis platform will be able to support its demands for issuing, acquiring and processing cards.
The bank will now be able to issue and acquire cards from Visa, Mastercard and UnionPay.
Nabil Bank deputy general manager Ramesh Lohani said: “We selected Compass Plus to augment our existing system after comprehensively comparing several software companies.
“In the end, Compass Plus won the bid due to their stronger technical skills, and the flexible and robust system proposed to us.
“Their project management team was able to successfully integrate and migrate our system, and over the last year they have provided us a very efficient service.”
The transition period was about one year and within 12 months of the migration, Nabil Bank introduced an electronic payment gateway to the country and upgraded its more than 100 active ATMs to the EMV standard.
Over the coming months, the bank plans to offer multiple other services, including NFC, M-POS and fraud prevention and detection functionality.