MIAMI, FL (Feb. 19, 2013) – Compass Plus, an international provider of electronic payments and retail banking software to processors and financial institutions, announced that Russia-based payment processor SwitchMaster, which runs on the TranzAxis open development platform, recorded its first performance peak, registering over 1 million transactions in the first 10 days of February. The company also reported the successful results of running the non-stop upgrade technology embedded in TranzAxis.
With its main focus being the provision of emerging innovative payment services to the financial industry, SwitchMaster uses the advanced technological capabilities of TranzAxis to enable, amongst the more traditional services such as cash advance, cash-in and bill payments, new services like cardless P2P and A2A transfers via the Internet, mobile and self-service terminals. SwitchMaster also uses TranzAxis for fraud detection and prevention, and cash optimization.
The choice to implement TranzAxis as its technological platform was also dictated by the fact that SwitchMaster needed the tools for developing, testing and connecting their ambitious number of innovative financial services. In 2012, SwitchMaster launched into production 20 customers and signed nine more banks that are currently being connected with many more new services and interfaces, delivering a large variety of programs, all of which involved system upgrades in the majority of cases. Using the non-stop upgrade facility within TranzAxis, SwitchMaster was able to achieve zero downtime and connect all of its new customers as well as introduce new services and enable interfaces in real-time production mode.
SwitchMaster enjoys the outstanding scalability of the TranzAxis platform, which delivers high performance on hardware of a modest configuration and has sustained more than a seven-fold increase in transaction load over the last year.
About SwitchMaster:
SwitchMaster was established in the fall of 2011 as a payment processor and is currently providing services for a network of 15,000 ATMs and self-service kiosks operated by 35 banks, together accounting for over 10 million active cards in circulation. One of their largest customers is United Settlement System (USS), a Moscow-based clearing house that consolidates ATM networks and cash and payment acceptance points of a number of credit organizations under common technological and financial terms.
About Compass Plus:
Compass Plus provides comprehensive, integrated and flexible payment software and services that help financial institutions meet rapidly changing market demands. Our diverse customer base spans retail banks, processing centres, national switches and personalisation centres in dozens of countries across Europe, Asia, Africa, the Middle East, North and South America. With almost 20 years experience, Compass Plus helps build and manage electronic payment systems that generate new revenues and improve profits for its customers.