To enable it to keep up with its projected business growth, National Commercial Bank (NCB) in Vietnam has migrated its in-house processing centre to TranzAxis, an open development payments platform, from Compass Plus.
As part of a major initiative to become one of the leading retail banks in Vietnam, NCB made the decision to modernise its payments infrastructure after realising that the legacy system it was using would be unable to keep up with the bank’s growth plans for much longer. The bank opted to replace it with TranzAxis due to the flexibility the platform provides and its ability to future-proof their business without the limitations that many other payments platforms have.
The main objective of the first phase of the project was to migrate NCB’s local debit cards to the new platform. This phase was completed in December 2020. The local Compass Plus team based in Hanoi, as well as remote support, ensured the project was successfully delivered on time. The second phase of the project, due to go-live early 2021, will see Visa credit cards migrated to the new system.
Compass Plus teamed up with one of their regional partners, Cyberbeat, on the project. “Cyberbeat congratulates NCB and Compass Plus on achieving Phase 1 go-live. We continue to provide comprehensive services for digital payment transformation for clients and partners in the region,” said Rajan S. Narayan, CEO of Cyberbeat.
“We needed a payments platform that could not only keep up with our growth today, but long into the future. Compass Plus’ reputation in Vietnam, coupled with the flexibility that its next generation platform TranzAxis offers, made migrating to it a no-brainer,” said a top leader from NCB. “Compass Plus’ local project team were available to support us with the migration of the project, which fell during the imposed travel restrictions due to COVID-19.”
“NCB has already grown significantly since its inception, and its projected growth rate meant that it needed a more robust, and most importantly future-proof, system for its in-house processing centre,” said Igor Simonov, AVP, Business Development and Sales Manager, Asia Pacific at Compass Plus. “Having TranzAxis as the backbone of NCB’s payments infrastructure will provide them with the ability to adapt their strategy and respond quickly to changing market requirements, truly drive innovation, and hopefully enable their vision of becoming one of Vietnam’s leading retail banks. We look forward to continuing our relationship with NCB long into the future.”