Yoma Bank Transforms In-house Processing Centre with Compass Plus Technologies
- 28.06.2022 03:25 pm
Yoma Bank, one of Myanmar’s most progressive banks, has completed the migration of its in-house processing centre to Compass Plus Technologies’ award-winning payments platform, TranzAxis. The bank was looking to expand and modernise its processing business, to do so it needed a reliable partner and scalable solution to meet its current needs and future requirements.
As part of its business expansion strategy, Yoma Bank’s main goal was to improve its time-to-market by launching new products and services more efficiently and at a greater speed. Having identified Compass Plus Technologies as a vendor that could meet these demands, Yoma Bank decided to embark on a project to migrate its processing centre to a solution that could help it achieve its ambitions. The project was split into two phases. The first phase went live in March, marking the complete migration of over 120 ATMs, 100 branches, 200 POS and over 800,000 pre-issued local debit cards. New integrations were established between TranzAxis, the Myanmar Payment Union (Myanmar’s domestic payment processor), and Yoma Bank’s core banking system. Yoma Bank is also planning to introduce Mastercard-branded EMV cards and PayPass contactless cards pending successful certification with Mastercard.
In the second phase, Yoma Bank will launch corporate credit cards and its acquiring business. The bank’s acquiring business will be launched with Mastercard initially, followed by Visa, JCB and UPI. It will also implement TranzAxis’ fraud management solution. In the future, Yoma Bank aims to continue its work with Compass Plus Technologies by integrating TranzAxis with its digital banking platform to enable them to introduce virtual card issuance to customers.
“The successful migration of our processing centre to TranzAxis will allow us to react and anticipate the needs of our customers more effectively and deliver better experiences at speed. Throughout the implementation process, Compass Plus Technologies ensured that the migration was completed as quickly and seamlessly as possible. We look forward to continuing our partnership with Compass Plus Technologies and delivering innovative products and services to our customers.” commented Kyaw Soe Lin, Chief Consumer Banking Officer, Yoma Bank
“We are excited to welcome our first customer in Myanmar. Yoma Bank is one of the most exciting banks in the region and it is a privilege to have the opportunity to work with them to drive payments innovation in the Asia. Now that Yoma Bank is using TranzAxis as the foundation for its processing centre, it has a reliable partner and a future-proof solution to ensure both their current and future needs are met with ease. We look forward to working with Yoma Bank to achieve their vision.” said Igor Simonov, Associate VP, Business Development and Sales Manager at Compass Plus Technologies.