Bank of Mongolia goes live with Compass Plus payments tech
The Bank of Mongolia has completed a migration of its payments infrastructure to a solution provided by Compass Plus.
The bank, Mongolia’s central authority, needed “a scalable, reliable, and trusted solution” to cope with increasing transaction volumes.
A go-live was achieved at the end of April after the last branch connected up to the new system. Compass Plus claims the new platform increases the availability of services and improves customer service.
The Payment Systems Department (PSD) of the Bank of Mongolia operates three major systems: a large-value system, low-value system, and a payment card system.
The National Electronic Transaction Center (NETC) of the PSD controls the low-value and payment card systems, and aims for “smooth, efficient, and safe operation” of payments in the Central Asian nation.
“The successful launch of a new payment card system will ensure the reliability of a whole payment system infrastructure,” says Anar Enkhbold, director of payment systems at the central bank.
“[This] will improve the confidence to the payment card network and boost the usage of various payment means.”
Denis Romanov, senior account manager at Compass Plus, claims 80% of Mongolia’s banks are already running on Compass Plus software.