Compass Plus, an international provider of retail banking and electronic payments software for processors and financial institutions, has announced that the largest microfinance institution in Cambodia, PRASAC, has launched Internet and mobile banking services using TranzWare from Compass Plus.
The microfinance institution decided to launch the new services to provide its customers with a full range of banking services on-the-go. PRASAC customers can now transfer money between their accounts, pay bills, top-up their mobile phones, manage their cards, check their balances and get a mini-statement by logging on to their Internet banking and mobile banking services. They can also send payments to other individuals and business partners. In first semester 2016 (1 January to 30 June), more than 375,000 transactions were made using these services, amounting to nearly US$5 million.
PRASAC also recently became the first microfinance institution in Cambodia to launch a Cash-by-Code service, which enables its account holders to transfer money to non-ATM card customers. This can also be done through its Internet and mobile banking services by sending the recipient a security code, which they enter into any of the bank’s network of 114 ATMs across the country. In first semester 2016, almost 6,000 transactions were made and more than US$325,000 was transferred using the service.
“By introducing remote banking services, we have made banking transactions even easier for our customers as they no longer need to waste time waiting at the counters to settle any payment. It’s secure, convenient and reliable,” said Say Sony, SVP & Chief Marketing Management of PRASAC. “Whilst our Cash-by-Code service has enabled customers to make payments easily, whether it is parents sending tuition fees to children or children sending cash to back to parents. There is no longer a concern about whether the receiver has a card or bank account as they can simply use PRASAC ATM Cash-by-Code – senders just need to tell them the code and they get the cash.”
PRASAC has one of the largest branch and ATM networks in Cambodia and provides a full range of financial services to its customers, including deposits, loans, internet banking, ATMs, bill payment, money transfer, foreign exchange, payroll, mobile top-up.