KCB Group has completed certification to acquire and issue contactless cards based on MasterCard PayPass technology.
The certification process was facilitated by Compass Plus, an international provider of retail banking and electronic payments software to processors and financial institutions, marking yet another milestone in the bank’s ongoing plan to revamp its technological infrastructure.
KCB set out to replace its entire banking system, previously built on separate solutions from different providers, to one fully integrated platform that would improve the bank’s efficiency, increase performance, provide flexibility and be fault-tolerant.
Speaking after receiving the certification certificate, KCB Group Chief Information Officer, Avi Mitra said that the bank’s commitment to providing its customers with innovative card products serves to strengthen its position as one of the most advanced banks in the region.
“As part of our ongoing strategy to make banking easier and more convenient for our customers, we recently launched an in-house processing centre built on TranzWare products from Compass Plus, which has enabled us to provide our customers with innovative products and services and reduce our product development time, allowing us to bring new products to the market quicker,” said Mr. Mitra.
KCB which is one of the Banks that was chosen to complete the certification by the Government as part of a large-scale project to implement contactless technology in the region is already a Principal Member of MasterCard.
The Bank completed acquiring certification in August 2014 and is planning to undergo the issuing certification process in the near future. It also plans to become certified in Visa payWave for both issuing and acquiring, JCB and UnionPay.
The Bank, which started its technological journey in 2007 has seen it roll out innovative products which have made banking more efficient and convenient for its customers. Some of the products that the Bank has brought to the market include Mobi-Bank, KCB Mtaani, Electronic Queue Management System (eQMS), Internet Banking, and the recent one, Biashar@Smart. The Bank continues to invest in technological solutions to implement cutting-edge products and services that will make financial transactions convenient for customers.
Mr Mitra said due to the platform’s advanced capabilities and by working closely with the specialists from Compass Plus, the Bank is now able to accept MasterCard PayPass cards.
He said the successful partnership between KCB and Compass Plus enables the Bank to look to the future with confidence and build long-term plans based on structured collaboration.
The second stage of the project includes the full migration of Kenya Commercial Bank’s acquiring network, more than 350 ATMs and 3,000 point of sale (POS) terminals to the TranzWare platform.