Compass Plus leads retail banking transformation with TranzAxis

10 November 2011

The world’s first open application development platform, for the retail banking sector, is launched today, by global payments software provider Compass Plus.

TranzAxis is designed to bring a truly transformational and radical capability to the financial services sector. It is the first “open platform” financial services solution, of this scale, for the development and support of processing, retail banking and other systems and applications for the automation of retail banking activities.

In a move that lays the foundation for the redefinition of the financial services business model, TranzAxis fuels creativity and innovation, whilst enabling new levels of cost saving and speed of product deployment.

TranzAxis challenges tradition in the retail banking sector, by dispensing with the conventional multi platform approach. TranzAxis opens up the application platform to financial institutions, beyond even the most comprehensive software development kit (SDK) and other customisation tools.

TranzAxis is targeted at financial services organisations that face continuously changing business requirements, challenging implementation timelines for new products, stringent new legislation and the requirement for seamless product integration with new payment services.

Easily scalable to meet different performance requirements, TranzAxis will appeal to any size of financial institution. Compass Plus believes they can stimulate innovation and creativity in the market by making the open development platform more accessible and usable. One way is by providing a base set of applications including: switching, operational, retail, accounting, analytical and other components that can be utilized directly by customers.

TranzAxis is already in use by NEYVA Bank in Yekaterinburg, Russia. Their processing system is certified by Visa and corporate bank cards have been issued. The second stage will be a full service retail banking system, including debit and credit accounts and bank cards.

“TranzAxis brings a transformational capability to the financial services sector. Developed to drive the advance of retail banking, TranzAxis builds on and will enhance the global success of our TranzWare portfolio. We are delighted to present the market with a whole new approach to retail banking business automation, that challenges the norm on numerous different levels. It gives our customers the opportunity to make the system truly their own.” explains Maria Nottingham, Global Marketing Director, Compass Plus.

TranzAxis runs on RadixWare from Compass Plus – a new open software engineering environment embracing the most promising ideas, methods, tools and open development technologies available today.

Compass Plus has built a global reputation with its proven TranzWare suite of products, used by retail banks and payment processing centres around the world. TranzAxis brings added capability to the TranzWare portfolio, opening up further potential for the development of new applications to meet international customer demands.

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