Compass Plus, an international provider of retail banking software and electronic payments systems to financial institutions, has announced that Russia-based Svyaznoy Bank has successfully migrated its card base to its in-house processing centre built on TranzWare products.
Svyaznoy Bank is one of the most active players in the retail banking market in Russia. During the two and a half years that the bank has been in operation, 1.7 million customers have signed up and begun using the services they offer. One of the bank’s key strategic objectives is the development of payment services and remote banking channels utilizing the in-house processing centre.
Vice chairman of the board of technology at Svyaznoy Bank, Oksana Smirnova-Krell said of the bank’s decision to stop outsourcing processing services: “An in-house processing centre allows us to quickly introduce new products and services to the market, to quickly satisfy customer requirements and react to changes in the market. We are now capable of implementing unique payment solutions, of entering the electronic payment market and of developing payment tools not only for Svyaznoy Bank cardholders but also for all customers within the Svyaznoy group of companies. The key criteria for choosing a partner to create an in-house processing centre were that they had to have comprehensive system integration capabilities and an extensive system customization toolkit. The successful online integration of the processing system with the CBS and our new remote banking services system iQBank implemented by our team confirmed that we made the right choice.”