Myanmar’s Yoma Bank has migrated its in-house processing center to paytech Compass Plus Technologies’ payments platform TranzAxis as part of its modernisation programme.
Yoma Bank chief consumer banking officer Kyaw Soe Lin says: “The successful migration of our processing center to TranzAxis will allow us to react and anticipate the needs of our customers more effectively and deliver better experiences at speed.”
The project has been split into two phases with the first going live in March, which saw the migration of more than 120 ATMs, 100 branches, 200 point of sale (POS) terminals and more than 800,000 pre-issued local debit cards.
New integrations were established between TranzAxis, the Myanmar Payment Union (Myanmar’s domestic payment processor), and Yoma Bank’s core banking system.
In the second phase of the programme, Yoma Bank intends to launch corporate credit cards and an acquiring business, with Mastercard initially followed by Visa, JCB and UPI.
The bank, one of Myanmar’s largest commercial banks, will also implement TranzAxis’ fraud management solution. Virtual card issuance is also in the pipeline once TranzAxis is integrated with Yoma Bank’s digital banking platform.