Unibank completes the next stage of its migration to TranzAxis
- Transaction Banking , Payments , Banking
- 19.05.2020 11:01 am
As part of a large-scale strategic project that will substantially increase its offering and expand its business, one of the largest banks in Azerbaijan, Unibank, has successfully connected its in-house processing directly to Mastercard. The integration marks the completion of the second phase of a major project to migrate the bank’s payment infrastructure to the open development payments platform, TranzAxis, from Compass Plus.
Unibank had previously migrated the processing of its card base from local networks to TranzAxis. To protect itself and its customers from potential security attacks, it had also implemented TranzAxis Fraud Management, which offers Unibank the ability to monitor, detect and prevent fraudulent activity and respond to new fraud schemes rapidly. Unibank is currently migrating its acquiring network to a new platform and plans to complete the migration of all card and account data.
"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. We are confident that this project will enable us 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," said Farid Mamadezadeh, CTO at Unibank.
Alexey Osipov, EVP at Compass Plus, said: "This project - one of the largest for us in recent years - has once again proven that Compass Plus software solutions meet the highest industry standards and current market requirements. We hope that, with the help of TranzAxis, Unibank will cement its reputation as the most innovative bank in Azerbaijan.”
Farid Abushov, Deputy Chairman of the Management Board at Unibank, commented: "Over the past few years, we have implemented several projects with support from Сompass Plus and it is clear that we made the right choice. Our partner and its team have repeatedly demonstrated professionalism and expertise across varying projects. We very much appreciate the assistance and support provided by Compass Plus".