News

Bolivian bank turns to Compass Plus for ATM driving, switching

October 4, 2018

Compass Plus, a provider of retail banking and electronic payments software to processors and financial institutions, has migrated the ATM network of its first Bolivian customer, Banco Fassil, to its TranzAxis platform.  

According to a press release, TranzAxis allows Banco Fassil to implement cash recycling ATMs and self-service kiosks, devices that its previous system was unable to support.

The open development payments platform of TranzAxis provides all ATM driving and switching services for Banco Fassil. The platform manages the bank's network of cash recycling ATMs and self-service kiosks, enables the ATM network to offer multiple denominations, and handles cash deposits.

Following its migration to TranzAxis, Banco Fassil plans to offer contactless transactions, launch prepaid cards and provide processing services to other financial institutions.

"We are delighted to have Banco Fassil on board as our first customer in Bolivia, and look forward to a productive relationship," said Carlos Seer, Compass Plus acting associate vice president and business development director for Latin America. "This partnership is further proof that we are committed to developing the payments infrastructure in the region, ensuring that its people benefit from truly modern technologies."

The project was implemented by World Financial Systems Solutions, a partner of Compass Plus in Latin America, the release said.