BIC Bank partners Compass Plus Technologies to expand its payment services

Cambodian commercial bank BIC Bank has selected Compass Plus Technologies and its TranzAxis payments platform as it looks to “significantly expand its digital offering”.

compass plus

BIC Bank partners Compass Plus Technologies

The bank, which received its commercial banking licence from the National Bank of Cambodia (NBC) in 2018, has successfully migrated its in-house processing centre to TranzAxis to help enable its planned business expansion. Compass Plus Technologies’ regional partner eCam Solutions assisted with the migration.

Compass Plus Technologies says that since the move to TranzAxis, BIC Bank has “integrated with the local Cambodian Shared Switch (CSS)” and also secured a deal with Mastercard that will allow it “to issue Mastercard branded debit cards, accept them at its ATM and POS terminal networks, and ensure safer online transactions using 3DS authentication”.

BIC Bank group chief technology officer (CTO) Eat Chetrasorivong says: “Our migration to TranzAxis was strategic for us. We needed a system that could not only meet our requirements today, but aid our long-term business expansion plans.”

The bank has plans to offer credit cards in the future and hopes to utilise TranzAxis to “aid its mission to become a third-party processor (TPP) and support smaller banks and financial institutions in the region”.

Compass Plus Technologies also recently secured a deal with Cambodia-based ABA Bank to launch self-service card issuance kiosks, a first in the country.