The Central Bank of Mongolia, also known as the Bank of Mongolia, has successfully completed a national project to migrate its entire payments infrastructure to Compass Plus solutions. Due to increasing transaction volumes, the bank needed a scalable, reliable, and trusted solution that could service large volumes of transactions, as well as a vendor that could provide the bank with the support they required.
The project went live at the end of April after the final Mongolian bank was successfully connected to the new system. The introduction of the new system for the Bank of Mongolia will increase the availability of services the bank is able to provide its customers and improve the quality of customer service. It will also enable the bank to launch new products and services to market much quicker than it previously could due to the increased speed of integration with commercial banks in Mongolia.
As the Central Bank, the Bank of Mongolia’s main objective is to maintain the stability of the national currency, financial markets and banking system in the country. It chose Compass Plus solutions to transform its infrastructure due to the company’s outstanding reputation in Mongolia as a reliable and trusted partner.
“The successful launch of a new payment card system will ensure the reliability of a whole payment system infrastructure, thus will improve the confidence to the payment card network and boost the usage of various payment means,” commented Anar Enkhbold, Director of Payment Systems Department at the Central Bank of Mongolia.
“This is a significant project for Compass Plus. With 80% of Mongolian banks already running on Compass Plus software, it is fantastic that the Central Bank of Mongolia has chosen to partner with us as part of its transformation project,” said Denis Romanov, Senior Sales and Account Manager at Compass Plus. “The majority of the project was carried out remotely due to various COVID restrictions, but through joint efforts with the bank, we were able to ensure the entire migration process was smooth and were able to go live on time.”