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Compass Plus Partners with Mutual Trust Bank

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Retail banking solutions provider Compass Plus has teamed up with one of the top five retail banks in Bangladesh, Mutual Trust Bank (MTB).

Under the agreement, MTB has migrated its in-house processing center to TranzWare from Compass Plus. The bank said it chose to transition to TranzWare “due to the platform’s strong local support, robust EMV capabilities and security features, flexibility, and its cost-effectiveness.”

The project began in May and has since migrated MTB’s card base of 200,000 to the platform. MTB will implement 3D Secure to achieve acquiring certification with MasterCard in the near future. MTB is the second bank to go live with TranzWare this month. On August 9, Cambodia-based Prasac launched internet and mobile banking services using the multicard-processing solution.

Founded in 1989, Compass Plus debuted TransAxis at FinovateFall 2012. The London-based company recently became one of five institutions to earn aggregator accreditation from the Faster Payments initiative in the U.K. In May, Compass Plus helped Azerbaijan-based Kapital Bank launch a new Visa Dual Card, an all-in-one debit and credit card that uses only one chip.