SINNAD migrates processing business to new platform based on Compass Plus products

SINNAD migrates processing business to new platform based on Compass Plus products
07.01.2019 10:26 am

SINNAD migrates processing business to new platform based on Compass Plus products

Payments , Banking

Compass Plus, an international provider of retail banking and electronic payments software to processors and financial institutions, has announced that SINNAD, a leading GCC third-party payment service provider based in Bahrain, has deployed a new processing platform built on TranzWare and TranzAxis. 

As part of a major strategic expansion plan, SINNAD – a subsidiary of Bahrain Electronic Network for Financial Transactions – chose Compass Plus products as they give it the scope and flexibility to serve financial institutions across the Middle East and Africa. The services implemented include ATM and POS acquiring, fraud prevention and detection, and various card issuance options – such as instant card issuance which allows payment cards to be issued immediately in-branch - as well as many additional services that will help SINNAD become one of the leading processors in GCC region.

The project has been completed in several phases and includes PCI-DSS and PCI-PIN certifications, issuing and acquiring certifications with Mastercard and other international payment networks, and the migration of data from financial institutions managed by SINNAD to the new platform, such as debit and credit cards, as well as its acquiring network. In the future, SINNAD plans to introduce new value-added services, including card tokenisation for mobile wallets, and the expansion of contactless technologies.

“Our partnership with Compass Plus brings us closer to the growing technology community in the region. As the Fintech space continues to evolve, such partnership is essential to boost SINNAD's customers’ portfolio into a new era of development and growth. With simple yet reliable solutions offered by Compass Plus, SINNAD will serve its customers more efficiently,” said Rana Almaeeli, General Manager at SINNAD.

“We are delighted to provide SINNAD with the most innovative platform and tools to offer the Middle East and Africa a truly modern payments service, said Alexey Osipov, EVP & MEA Managing Director at Compass Plus. “SINNAD’s ambitions to be the market leader and Compass Plus’ state of the art products and expertise are a great combination, and we are excited to be working towards extending SINNAD’s customer base thanks to the excellent array of services on offer.”   


Related News

T-Mobile Introduces T-Mobile MONEY

Another mobile pain point: tackled. T-Mobile (NASDAQ: TMUS) launched T-Mobile MONEY nationwide. It’s a no-fee, interest-earning, mobile-first checking account that anyone can... Read more »

Remitly Brings Faster, Affordable International Money Transfers to France

Remitly, the largest independent digital remittance company in North America, has launched its award-winning service to France, making international money transfers more fair,... Read more »

First BELLIN Customer Goes Live with gpi for Corporates (g4C)

BELLIN, a global leader in providing web-based treasury software and services for multinational corporations, has successfully integrated SWIFT gpi for Corporates (g4C)... Read more »

Flywire, TRUE North Partner for International Student Programs in Canada

Flywire, a company that solves complex payment problems for educational institutions and their students around the world,... Read more »

Paysend recognised by MasterCard for the quality of their payment processing

The quality of payment processing by paytech firm Paysend has been recognised by MasterCard.

The recognition comes in the form of MasterCard’s Regional Compliance Award... Read more »

Singapore Airlines Partners with Adyen To Speed Digital Payment Journeys

Singapore Airlines has partnered with Adyen, the payments platform of choice for many of the world's leading companies, to ensure a frictionless payments experience for... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel