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

Nium to power cross-border payments for Cambodia’s PhillipBank

Nium, the recently-rebranded digital cross-border payments platform for global enterprises and financial institutions, has... Read more »

It’s time for a treat: Klarna brings ‘pup-up’ to London

Klarna, the leading global disruptor of smoooth shopping and payments, celebrates the dog owning and dog loving communities with their brand new campaign – ‘Who’s a good... Read more »

StyloPay selects Tribe Payments for global digital wallet offering

StyloPay, specialists in payment solutions and mobile applications, has selected ... Read more »

ABN AMRO Goes Live with Temenos Payments in Hong Kong

Temenos (SIX: TEMN), the banking software company, today announced that ABN AMRO has gone live with Temenos Payments in Hong Kong as part of its global strategy to rapidly... Read more »

Wells Fargo Launches Ability to Send Payments on the RTP® Network

Wells Fargo announced that its corporate customers can now send real-time payments through the RTP® network via an application programming interface (API), enabling the... Read more »

Globitex equips for SCA with Salt Edge Authenticator app

Digital finance platform Globitex has partnered with Salt Edge, a leader in offering open banking solutions, to ensure that its EURO Wallet customers benefit from a... Read more »

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