Compass Plus, an international provider of retail banking and electronic payments software to processors and financial institutions, has announced its first Bolivian customer, Banco Fassil, has migrated its entire ATM network to TranzAxis. 

Banco Fassil wanted to implement cash recycling ATMs and self-service kiosks, but its ambitions were limited by the system it was using. The bank chose TranzAxis to enable them to modernise their systems and provide a greater array of services to its cardholders.

TranzAxis, Compass Plus’ open development payments platform, provides all ATM driving and switching services for Banco Fassil. TranzAxis manages the bank’s network of cash recycling ATMs and self-service kiosks, enables the ATM network to offer multiple denominations and manages cash deposits. It also has the scope to run Banco Fassil’s disaster recovery site in future. The project was implemented by Compass Plus’ partner in Latin America, World Financial Systems Solutions (WFSS).

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

“By selecting TranzAxis, Banco Fassil is able to implement a range of features that will benefit our cardholders greatly,” said Adolfo Suares Bolzon, Systems General Manager at Banco Fassil. “Compass Plus and its partner WFSS were able to implement the software within the agreed timeframe, and we look forward to seeing the benefits it will bring.”

"WFSS is proud to have a client in Latin America like Banco Fassil that is always at the forefront of technology in the region,” said Juan Bustios, Senior Consultant at WFSS.

“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, Acting Associate VP & Business Development Director, LATAM at Compass Plus. “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.”