Compass Plus, an international provider of retail banking and electronic payments software for processors and financial institutions, has announced that Mutual Trust Bank Ltd (MTB), one of the top five retail banks in Bangladesh, has migrated its in-house processing centre to TranzWare from Compass Plus.
The project, which was implemented in collaboration with ITCL – Compass Plus’ distributor in Bangladesh -went live in May when the first EMV MasterCard cards were issued. MTB decided to migrate its processing centre to Compass Plus software due to the platform’s strong local support, robust EMV capabilities and security features, flexibility and its cost effectiveness. During the project, Compass Plus and ITCL supported MTB through certifications with Visa and MasterCard for EMV card issuance and the acceptance of EMV Visa cards, and migrated its 200,000 card base to the new platform.
The bank has plans to implement 3D Secure and achieve the acquiring certification with MasterCard in the near future.
Dr. Kazi Saifuddin Munir, Managing Director & CEO at ITCL, said: “ITCL is happy to be part of the landmark initiative of MTB as its strategic move to be a pioneer in the card and electronic payment business in the Bangladesh market. The TranzWare product suite will certainly help MTB towards achieving a leading position in the card business along with its vision to bring superior advanced technology based financial products.”
Anis A Khan, Managing Director & CEO at MTB said: “MTB is growing fast and aims to become one of the top three banks in Bangladesh. By migrating our processing centre to Compass Plus software, we have certainly put ourselves on the right path to be able to achieve this objective, and are looking forward to implementing new innovative products that will really benefit our customers.”