Compass Plus Launches TranzWare Internet Banking

12 August 2010

Compass Plus, an international provider of electronic funds transfer (EFT) and retail banking software to financial institutions, today announced the release of TranzWare Internet Banking, a fully developed Internet banking application based on cutting edge technology.

As a logical extension of the previous five versions, TranzWare Internet Banking represents essentially a new product with characteristics providing an array of options to establish a flexible, fully adaptive Internet banking system: both in terms of integration with external IT solutions and customisation of user interfaces and services.

The distinct advantages of TranzWare Internet Banking are primarily related to its modular system architecture enabling users to customise the way they view their accounts; resulting in an application appearance and functionality controlled entirely by the user. Adjustable parameters include the general appearance of the modules and the application, the layout of the modules on the page and objects and their attributes contained in a module (accounts, payment templates, statements, inquiries and more). With individual preferences being hosted by the financial institution, users have the same layout wherever they choose to access their account from.

The customisable nature of the technology extends to the financial institution, whereby an Internet banking home page can be designed to suit their specific needs by modifying the functionalities provided with the software or by developing and implementing their own widgets, or tools. The system includes an extensive list of capabilities, such as banking and card account management, online payments, transfers between accounts, correspondence with the bank and applications for products and services, among many others. Features such as currency calculators and news feeds can also be implemented.

“For the first time, banks and credit unions have the ability to design their own unique Internet banking system,” said Doug Varble, North American vice president of Compass Plus. “TranzWare Internet Banking enables financial institutions to enhance the user experience by allowing account information to be displayed based on what is most important to the consumer. Customers and members have the opportunity to create a truly tailored banking experience, and with the growth of online financial management, the Internet banking portal has become an integral service tool.”

Migration projects using TranzWare Internet Banking are already underway at a number of Russian banks. The Moscow Industrial Bank has begun trial usage of the product, using the modified widgets which support direct interaction for a banking system managing customer accounts. Michael Stepanov, the Head of Software Development at Moscow Industrial Bank said of the project: "Thanks to new TranzWare Internet Banking and the bank's specialists, the new version of the remote banking Internet service offered to Moscow Industrial Bank customers delivers straightforward and logical account management capabilities, whether for cards, deposits, credit or any other type of account. By management, we mean viewing the account properties, obtaining bank statements for a given period, making transfers and payments from the account and viewing contract information. The account data is not stored in the TranzWare processing system database and interaction with the accounts is carried out directly from the widgets that we were able to develop ourselves."

TranzWare Internet Banking is the latest addition to the TranzWare suite of products built by an in-house team of Compass Plus developers. The highly flexible architecture and single-integration structure of TranzWare products enable effective use of applications in a broad spectrum of business environments, as well as easy deployment and management. All TranzWare products are PCI DSS and PA DSS compliant.

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