Nepal's Kumari Bank Plumps for Compass Plus Technologies For Payments Partnership
January 17, 2024

Compass Plus Technologies has joined forces with Kumari Bank Limited, one of Nepal's leading commercial banks, to deliver issuing, acquiring and ATM acquiring services.

This strategic partnership represents a significant step forward for Kumari Bank as it transitions from its previous local processing provider to a global technology partner.

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.

More than 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," explains 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.”

Kumari's aims

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.

Anish Tamrakar, chief digital banking officer at Kumari Bank, also commented: "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."

Kumari Bank also has 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.

 

 

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