23 September 2016
United Settlement System expands cash recycling ATM network using TranzAxis from Compass Plus
The United Settlement System (USS) has implemented a project to expand its network of cash recycling ATMs using Compass Plus’ TranzAxis platform. The ATMs will also be processed by Compass Plus Processing Center.
Cash recycling ATMs enable customers to withdraw the funds deposited by other customers, increasing the length of time between each replenishment and, ultimately, reducing the cost of ATM network maintenance.
Within the project, USS has implemented a new service for small and medium businesses called Self-Replenishment. This service enables entrepreneurs and companies to replenish their settlement accounts in any bank via USS ATMs using special self-replenishment cards.
To ensure the best possible result, ATMs with the cash recycling function and the Processing Center of Compass Plus have been fully connected and the entire operational cycle has been extensively tested. A customised ATM script has also been developed, enabling the calculation of daily revenue for merchants. To ensure a sustainable cash turnover, the USS has entered into several agreements which enable cardholders of any international payment system to withdraw cash from USS ATMs.
It is planned that the USS ATMs will be able to accept MIR, UPI and JCB cards before the end of 2016.
About United Settlement System:
United Settlement System (USS) is a non-bank credit organisation that performs the functions of the operator and the clearing centre of the USS payment system - consolidating ATMs, cash points and payment acceptance points of credit organisations under common technological and financial terms.