International electronic payments software solutions provider Compass Plus has introduced interchange functionality to its open development payments platform TranzAxis.

With the implementation of this new feature, TranzAxis will now support clearing and settlement with card schemes; dispute management and interchange fee calculations.

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This service will eliminate the requirement of another unit for the automation of interchange processes.

Furthermore, the payments platform TranzAxis will now also provide facilities for mitigating the risks associated with interchange such as fraudulent transactions, adjust fees and commissions as well as enhanced reporting capabilities.

Compass Plus chief software architect Anatoly Kaptsan said: “TranzAxis is a payments platform that we are continuously developing and enhancing to support our customer requirements, those of the industry and those we see imperative to future-proofing payments systems.

“By offering interchange capabilities within TranzAxis, we are demonstrating our commitment to our software development roadmap and to making the platform one of the most comprehensive and functionally-rich in the market.”

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The new facilities within the platform are expected to reduce time and cost of processing interchange fees between merchants and FIs.

In March, the company announced that Nepal’s Nabil Bank has migrated its card processing business to the Compass Plus Processing Centre.

Compass Plus was selected through a tender process for this contract.