Compass Plus, an international provider of innovative retail banking and electronic payments software for financial institutions and processors, has announced that NRB Bank in Bangladesh has launched its in-house processing centre built on TranzWare products from Compass Plus in just three months.
The project, which was implemented in collaboration with ITCL - Compass Plus' distributor in Bangladesh, went live at the end of August when the bank launched its EMV Visa debit card. The bank also added an EMV Visa credit card to its portfolio in October. NRB Bank chose to bring its previously outsourced processing centre in-house to give themselves more control over their processing operations and the flexibility to grow the functionality of their current portfolio as well as to quickly deliver new products and services to market. The bank is also planning to launch 3D Secure technology for its Visa cards in the near future, offering its customers an extra layer of security whilst making transactions online.
Mamun Seraji, Executive VP, Head of IT & ADC Operations of NRB Bank and Project Manager for CMS Project, said: "The agility that TranzWare offers us has been showcased in the extremely short timeframe it took to launch our in-house processing centre, and further confirmed by the quick implementation of our EMV Visa debit and credit cards. We look forward to continuing our partnership with both Compass Plus and ITCL and have a number of projects planned for the future."
Muklesur Rahman, Managing Director & CEO of NRB Bank, said: "Our aim is to bring a Bangladeshi bank up to international standards and make NRB Bank globally recognised. In order to build such a sustainable business we will invest in our brand, people and technology. NRB Bank selected TranzWare solutions to cater to the wider needs of our customers. TranzWare was the base that helped to design the overall model of our card business, which we are in the process of launching phase by phase. As a new bank it was our challenge to step into the market very fast with the latest technology, which is something we have achieved with the help of ITCL and Compass Plus."
Dr. Kazi Saifuddin Munir, Managing Director & CEO of ITCL, said: "We have a very successful partnership with Compass Plus and have worked with them for over 10 years. The relationship we have has meant that when NRB Bank decided to move their processing centre in-house, we knew that Compass Plus software would provide them with the flexibility they needed to deliver innovative products and services to their customers quickly and efficiently."