BankingTech FinTech

Xalq Bank goes live with TranzAxis from Compass Plus

July 01, 2020 at 11:31AM

Azerbaijan-based Xalq Bank has deployed the TranzAxis platform from Compass Plus.

Xalq Bank joins compatriot Unibank as a TranzAxis user

The deployment is part of the bank’s strategic goal of modernising its infrastructure. Using the system, it aims to expand the range of services and products it can provide customers.

Xalq Bank has automated the processing of payment card transactions. Compass Plus also claims the new system has optimised tools for analysis of the bank’s ATM network.

Nazim Ibrahimov, project manager and a member of the board at Xalq Bank, says the project was completed in “the quickest time possible.”

He adds: “We are sure this is just the beginning of a long-term partnership, and the capabilities of the TranzAxis software platform will provide us with a good basis for business development for many coming years.”

According to Ali Akhundov, the bank’s head of IT, the project is part of a wider modernisation.

“This project has become part of a large-scale process of modernising the bank’s IT infrastructure, which includes updating many systems and services.

“Due to its flexibility, functionality and architecture, TranzAxis plays a key role in automating our retail business.”

Xalq Bank isn’t the only Azerbaijani institution to move to select Compass Plus in recent times.

Unibank connected its in-house processing directly to Mastercard in May, a step towards its full migration to TranzAxis.

Unibank has also implemented TranzAxis Fraud Management.

It is also migrating its acquiring network to a new platform and plans to complete the migration of all card and account data.

Related: International Bank of Azerbaijan goes FICO for financial crime fight

via FinTech Futures –

Leave a Reply