Compass Plus presented at Finovate Fall 2012 today, and because their new product, TranzAxis, is difficult to show off to a crowd of convention-goers — it’s a “specialist, integrated open development banking platform” — they showed us what a client bank can do with it.
A Russian bank used TranzAxis to build out an ATM that can dispense instant-issue prepaid cards. The user simply decides on an amount of money to put on the card, deposits it, pays a fee (this was an astonishing 25 Rubles to make a 500 Ruble card, but Compass Plus isn’t responsible for that) and out comes a piece of paper that can be used online or at any retailer that accepts card-not-present transactions.
Best of all, a strangely coquettish animated polar bear dances around on the screen of the ATM at all times. It’s a Russian bank, after all.
The idea is pretty neat, however, especially for the underbanked. It might be stressful to carry around a piece of paper with so much money loaded onto it, but then again, that’s what cash is.