As part of a large-scale strategic project to update its entire processing infrastructure, Millikart, the leading independent processor in Azerbaijan, has successfully migrated its Visa connections to its new platform. The migration of the Visa network is the first stage in the Millikart’s transformation project that will see it migrate all of its services to the open development payments platform, TranzAxis, from Compass Plus.
Servicing banks, non-bank credit organisations, as well as payment organisations, Millikart required a platform that would enable it to adapt quickly to the rapidly growing and evolving Azerbaijan market now and long into the future. The processor chose TranzAxis as its new processing platform as it allows it to substantially expand the services it offers to its customer banks and significantly increase time-to-market for new products and services, while improving service availability. The introduction of the new platform will also enable Millikart to optimise their costs in terms of maintaining its entire processing infrastructure.
The connection of Millikart’s Visa channel to TranzAxis completes the first stage of its ambitious project to migrate its entire processing infrastructure to the new platform.
“The migration of the processing platform to a new, modern and more flexible system is one of the key stages in the development of MilliKart. After conducting a detailed research and study of the main products in this industry, the decision was made and the choice fell on the TranzAxis system from Compass Plus. In addition to the advantages of the platform itself, among the selection criteria was the fact that Compass Plus and its specialists have vast experience in such projects and have repeatedly proved their high professionalism. We believe and work to ensure that this project is successfully completed in the near future, which will allow MilliKart to provide its customers with even more flexible and progressive services and products,” said Elnur Mammadov, Executive Director of MilliKart.
“Millikart is a dynamic processor, committed to ensuring it can offer its customer banks the most innovative products and services,” said Alexey Osipov, EVP of Compass Plus. “This project is of particular importance to Compass Plus in the Azerbaijan market, as it is not the migration of one bank, but a processor serving more than a dozen banks, who each have their own specific, diverse product and service offerings. We are currently working with Millikart on the next stage of the project, which will see the migration of several financial institutions to the new platform.”
MilliKart was founded by the Central Bank of Azerbaijan, with the financial support of the World Bank, as part of the implementation of the State Program for the Development of the National Payment System of the Republic of Azerbaijan, and is a full member of the international payment systems Visa, Mastercard and UnionPay. MilliKart has been on the payment systems market since 2006, the company successfully operates in the information technology and banking sector, creates and develops basic banking solutions, thereby contributing to the development of payment systems and non-cash payments in the country.
About Compass Plus:
Compass Plus is passionate about payments technology and architecting it properly for the needs of today and tomorrow. From start-ups and industry disruptors to recognised innovators and market leaders, our exceptional technology puts our customers in the driving seat and ultimately in control of their payment ecosystems. Together, we deliver ground-breaking and industry-leading products and services with uncontested ease and proven time-to-market.