Compass Plus, an international provider of retail banking and electronic payments software to payment processors and financial institutions, has announced the fifth birthday of TranzAxis, the Open Development Payment Platform. Since its launch into production, TranzAxis has been implemented in a number of countries across the globe, including Antigua, Sweden, Russia and Jordan, and has risen to fulfil the technology requirements of companies such as GPC and Klarna.

Unlike traditional payments platforms, TranzAxis was built to meet the challenges of today’s payments landscape, from streamlining and modernising standard functionality to developing emerging payment technologies. Selected to be presented at FinovateFall 2012 in the innovation showcase, TranzAxis has since been described by a number of global analyst firms as one to watch in the payments arena.

“It has been exciting to see the development of TranzAxis from a fantastic idea to a fully-fledged platform helping FIs to run innovative payments projects,” said Anatoly Kaptsan, Chief Software Architect at Compass Plus. “Since its launch into production five years ago, the platform functionality has been extended 1000 per cent with much of its growth attributed to exciting customer-led projects enabling us to showcase its solution-based capabilities. We would like to thank our customers for helping us make TranzAxis what it is today, and for all the fantastic projects we have in the pipeline.”

“We are delighted to celebrate five years of TranzAxis and would like to send a special thanks to our customers for believing in our new technology and for being early adopters,” said Maria Nottingham, Executive Vice President at Compass Plus. “We are looking ahead to many more years of forward-thinking projects with current and prospective customers alike.”

TranzAxis is being used as the backbone of the Compass Plus GB processing centre to be launched into production in the near future. Its SOA architecture makes it the perfect platform from which to extend Compass Plus’ presence in the processing services space.