Microfinance institution rolls out mobile banking, ATM cash-by-code with Compass Plus

By ATMmarketplace.com

Compass Plus, a provider of software for payments processors and financial institutions, and Prasac, the largest microfinance institution in Cambodia, have partnered to launch mobile banking services using TranzWare from Compass Plus.

Prasac customers can now transfer money between accounts, pay bills, top up mobile phones, manage cards, check account balances and get a mini-statement by logging into their internet and mobile banking services.

Prasac also recently became the first microfinance institution in Cambodia to launch a cash-by-code service, which enables accountholders to transfer money to other customers who do not use an ATM card. The service is available via mobile device or the internet.

To use the service, the remitting party sends the recipient a security code, which can be entered into any of the bank's 114 ATMs — one of the largest fleets in Cambodia.

In the first quarter, users made nearly 6,000 transactions, transferring more than $325,000 through 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," said Say Sony, senior vice president and chief of marketing management for Prasac. "[O]ur 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 ... senders just need to tell them the code and they get the cash."