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Xalq Bank completes implementation of Compass Plus’ TranzAxis

By Edil Corneille

June 30, 2020

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TranzAxis, Compass PlusAzerbaijan’s Xalq Bank has announced the launch of Compass Plus’ open development payments platform – TranzAxis. The software solution will allow the bank to expand its range of services and products provided to customers and quickly respond to market changes. The launch of the solution is part of the bank’s strategic project to modernise its infrastructure.

“Thanks to the professional support of the Compass Plus team we completed this project in the quickest time possible, despite the COVID-19 pandemic. 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,” said Nazim Ibrahimov, project manager and a member of the Executive Board of Xalq Bank.

Head of IT department of the Bank, Ali Akhundov mentioned, “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.”

The joint project with Compass Plus, which sees the automation of back-office operations for managing cards and customer accounts, also gives Xalq Bank access to technologies and tools that will enable it to transform its card business, and promptly develop new products and services that meet customers’ needs and the realities of the financial market of Azerbaijan.

Alexey Osipov, Executive Vice President, Compass Plus stated, “The Azerbaijan market is extremely important for us, with 7 out of 30 banks and 2 processors operating in the country already Compass Plus customers! This project has, once again, confirmed the leading position of Compass Plus in Azerbaijan, and we are delighted to partner with Xalq Bank, one of the largest players in the financial services market.”

The bank has automated the processing of payment card transactions including maintaining customer data, managing charges and limits and other card data. Xalq Bank has provided automated interaction with third-party systems of both the bank and its partners. In addition, the new system has revised and optimised tools for accounting and analysis of the bank’s terminal network (ATMs and POS terminals).

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