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Compass Plus, an international provider of retail banking software and electronic payments systems to financial institutions, announced that its recently launched TranzAxis open development banking platform has achieved certification in the Payment Application Data Security Standard (PA DSS).
With the completion of the TranzAxis certification, all Compass Plus products and solutions are in compliance with the latest PA DSS requirements. The 2011 Verizon Payment Card Industry Compliance Report cited that 79 per cent of companies fail initial payment card security audits. By achieving PA-DSS compliance across all offerings, Compass Plus helps facilitate its customers’ PCI DSS compliance which is especially important as the North American market completes the transition to v2.0 of the standard. Meeting PCI standards is required for all companies working with MasterCard and Visa and minimizes the potential for security breaches resulting in compromised consumer data.
Compass Plus’ retail banking and payment software products and solutions were amongst the first to be certified as PA-DSS compliant when only 11 percent of vendors had achieved the distinction. As the international security landscape has become more turbulent, the company continues to make adherence to these standards a top priority.
“As fraudulent activity becomes more sophisticated, it is vital for financial institutions to take the steps necessary to ensure the safety of their customers’ data,” said Maria Nottingham, CMO at Compass Plus. “At Compass Plus we take security extremely seriously which is why, less than a year after launching TranzAxis, it has already achieved PA DSS compliance status. The advantages of obtaining this status will certainly filter down to our customers when they are undergoing PCI DSS compliance themselves.”
About Compass Plus
Compass Plus provides comprehensive, integrated and flexible software and services that help financial institutions meet rapidly changing market demands. Our diverse customer base spans retail banks, processing centres, national switches and personalization centers across Europe, Asia, Africa, the Middle East, and North and South America. With almost twenty years of experience, Compass Plus helps build and manage electronic payment systems that generate new revenues and improve profits for its customers.
TranzAxis is the world’s first open development banking platform to cover the entire retail banking sector requirements. The solution provides a full set of application development tools (builders, designers, editors, debuggers, etc.), as well as a set of specialist components that assist in implementing more diverse applications in a given domain. For financial institutions seeking more control over the development of their products and services, TranzAxis is easily scalable to benefit institutions of any size that face continuously changing business requirements and provides efficiency, flexibility, faster product deployment and reduced cost of ownership.