Unibank completes processing stage of TranzAxis migration
Azerbaijan-based Unibank has connected its in-house processing directly to Mastercard, a step towards its full migration to Compass Plus’s open payments platform TranzAxis.
Unibank had previously migrated the processing of its card base from local networks to TranzAxis, and has also implemented TranzAxis Fraud Management.
The Azerbaijani lender is also migrating its acquiring network to a new platform and plans to complete the migration of all card and account data.
Farid Mamadezadeh, CTO at Unibank, is confident that this project will enable the bank to “not only launch the most advanced and highest quality products and services to market, as demanded by our customers now and well into the future, but do so in the fastest time.”
He adds: “This migration project is strategic for us. The TranzAxis platform, built on the most advanced and cutting-edge technology, represents a new generation of industrial-strength systems for banking service automation.”
Unibank is one of the largest private banks in Azerbaijan. It was formed in 2002 following the merger of Azerbaijan MBank and Promtekhbank. The bank recently announced financial results indicating that it current total assets sit at around $470 million.
The project has been described as one of the largest for Compass Plus in recent years. Alexey Osipov, executive vice president at the firm, says that the deal proves his firm’s software is up to the task of meeting high industry standards.