Compass Plus, an international provider of retail banking and electronic payments software to processors and financial institutions, has announced the implementation of interchange functionality as part of the many features of its open development payments platform, TranzAxis.
Instead of needing a separate module for the automation of interchange processes, TranzAxis now supports clearing and settlement with card schemes, dispute management and interchange fee calculations. The extended functionality of the payments platform also includes facilities for controlling the risks associated with interchange (such as suspicious transactions, etc.), the ability to charge various fees and commissions and extensive reporting capabilities, in addition to currency conversion. The introduction of interchange functionality within TranzAxis greatly reduces the time and cost of processing interchange fees between merchants and FIs as everything is on a single platform.
“TranzAxis is a payments platform that we are continuously developing and enhancing to support our customer requirements, those of the industry and those we see imperative to future-proofing payments systems,” said Anatoly Kaptsan, Chief Software Architect, Compass Plus. “By offering interchange capabilities within TranzAxis, we are demonstrating our commitment to our software development roadmap and to making the platform one of the most comprehensive and functionally-rich in the market.”