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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.”
Mutual Trust Bank Ltd. (MTB) is a third generation private commercial bank, based in Dhaka, Bangladesh and has been adjudged as the Best Financial Institution of 2014 at the DHL-Daily Star Business Awards 2015. Earlier, MTB had also received the first-ever best “SME Bank of the Year” and best “Women Entrepreneurs’ Friendly Bank of the Year” by Bangladesh Bank and SME Foundation. MTB aspires to be one of the most admired banks in the nation and recognized as an innovative and client-focused company. With the current network of 106 branches, 5 kiosks, 211 modern ATMs, over 2,200 Point of Sales (POS) machines, located in prime commercial, urban and rural areas, MTB offers fully integrated real time Online Banking Services, Internet and SMS Banking to its clientele, through a dedicated Team of experienced Relationship Managers and Alternative Delivery Channels (ADC).
IT Consultants Limited, which introduced its technology and business operations to the market in 2000, provides an end-to-end automated transaction solution. ITCL is the only licensed Payment System Operator (PSO) in Bangladesh authorised and approved by the Central Bank of Bangladesh to provide all kind of electronic payment services. On top of that, ITCL is the only domestic payment gateway to be PCI-DSS (Payment Card Industry Data Security Software) certified. ITCL provides a variety of payment processing solutions comprising debit/credit card operating and processing system, banking technology and information solution, as well as solutions for chip and magnetic stripe card personalisation, key management solutions, international standards and compliance on ATM (Diebold-Nixdorf) installation and maintenance, EFTPOS (Electronic Fund Transfer at the Point of Sale) machine installation and maintenance, and also the entire transaction processing. ITCL also provides consultancy to financial institutions with certifications and Visa, Master Card, and Union Pay for both issuer and Acquirer licenses.
About Compass Plus
Compass Plus provides comprehensive, fully integrated and flexible payments software and services that help financial institutions and payment service providers meet rapidly changing market demands. Our diverse customer base spans retail banks, processing centres, national switches and personalisation centres in countries across Europe, Asia, Africa, the Middle East, North and South America. With more than 25 years’ experience, Compass Plus helps build and manage all-scale electronic payment systems that generate new revenues and improve profits for its customers.