Compass Plus, an international provider of retail banking and electronic payments software to processors and financial institutions, has announced that SINNAD, a leading GCC third-party payment service provider based in Bahrain, has deployed a new processing platform built on TranzWare and TranzAxis.
As part of a major strategic expansion plan, SINNAD – a subsidiary of Bahrain Electronic Network for Financial Transactions – chose Compass Plus products as they give it the scope and flexibility to serve financial institutions across the Middle East and Africa. The services implemented include ATM and POS acquiring, fraud prevention and detection, and various card issuance options – such as instant card issuance which allows payment cards to be issued immediately in-branch - as well as many additional services that will help SINNAD become one of the leading processors in GCC region.
The project has been completed in several phases and includes PCI-DSS and PCI-PIN certifications, issuing and acquiring certifications with Mastercard and other international payment networks, and the migration of data from financial institutions managed by SINNAD to the new platform, such as debit and credit cards, as well as its acquiring network. In the future, SINNAD plans to introduce new value-added services, including card tokenisation for mobile wallets, and the expansion of contactless technologies.
“Our partnership with Compass Plus brings us closer to the growing technology community in the region. As the Fintech space continues to evolve, such partnership is essential to boost SINNAD's customers’ portfolio into a new era of development and growth. With simple yet reliable solutions offered by Compass Plus, SINNAD will serve its customers more efficiently,” said Rana Almaeeli, General Manager at SINNAD.
“We are delighted to provide SINNAD with the most innovative platform and tools to offer the Middle East and Africa a truly modern payments service,” said Alexey Osipov, EVP & MEA Managing Director at Compass Plus. “SINNAD’s ambitions to be the market leader and Compass Plus’ state of the art products and expertise are a great combination, and we are excited to be working towards extending SINNAD’s customer base thanks to the excellent array of services on offer.”
SINNAD is a Bahraini registered company and a subsidiary of Bahrain Electronic Network for Financial Transactions – The BENEFIT Company. SINNAD is governed and regulated by the Central Bank of Bahrain and licensed as Payment Service Provider and a Third-Party Processor to support the banks in the Middle East and African region. The Company’s significant local and regional presence indicates its strong commitment towards quality services and solutions.
About Compass Plus
Compass Plus provides comprehensive, fully integrated and flexible payments software and services that help financial institutions and payment service providers meet rapidly changing market demands. Our diverse customer base spans retail banks, processing centres, national switches and personalisation centres in countries across Europe, Asia, Africa, the Middle East, North and South America. With 30 years’ experience, Compass Plus helps build and manage all-scale electronic payment systems that generate new revenues and improve profits for its customers.