Econombank migrates card processing business to Compass Plus

By Megha Bhattacharya

Econombank, a bank based in the Saratov region of Russia, has migrated its card processing business to the Compass Plus Processing Centre. The two companies worked closely together throughout the migration process, ensuring a smooth transition and the non-stop operation of the bank’s services.

By utilising the company’s Processing Centre infrastructure, Econombank can now issue its customers with MIR cards. The cards can be used to make fast and secure payments, as well as withdrawals through the bank’s ATM network or branches.

“Since 2017, the volume of MIR cards transactions has been constantly growing, and it is crucial for us to provide our customers with this popular payment method,” said Anna Molina, Head of the Operations Department at Econombank. “Having migrated to Compass Plus Processing Centre, we have not only solved the support issues with our card business, but also laid the technological groundwork for further development and growth.”

Compass Plus provides Econombank with processing services via its open development payments platform, TranzAxis, using an outsourcing business model.

“The development of our outsourcing business is one of Compass Plus’ strategic goals. We are delighted to team up with a new trusted partner and strive to further develop our cooperation based on our state-of-the-art technological solutions,” said Alexey Osipov, Executive Vice President of Compass Plus.