• Thu. Dec 1st, 2022

Compass Plus ships mobile banking kit

ByCindy J. Daddario

Sep 27, 2022

A new mobile banking solution, launched by Compass Plus Technologies, will save FIs time and money when developing a mobile banking application.

The traditional approach to designing and launching mobile banking solutions often involves lengthy development and costly customizations.

Pocket Bank’s innovative architecture overcomes these challenges. The solution integrates the use of smart applets into its framework; these applets are scripts that provide access to all the banking services, as well as the complementary products that the FI wishes to offer its customers. Thus, Pocket Bank provides access to new services with astonishing speed; all new scripts are plug-and-play and there is no need to redesign the application framework, which means the FI does not need to constantly republish their digital banking application in the App Store.

Scripts can be written by FIs themselves and tested in a sandbox environment with full vendor independence. This eliminates the headaches and complexities that FIs face when trying to develop a digital banking application from scratch and maintain it.

Pocket Bank essentially strikes the perfect balance between reducing the time to market for launching a mobile banking app, without sacrificing the ability to customize. As part of a broader digital offering, Pocket Bank enables FIs that are both issuers and acquirers, the ability to bring together mobile banking and all mobile payment models into one super financial app, including added value such as loyalty and rewards (bank or retail), merchant market, advertising space and more.

It is an integral part of building a mobile-centric digital ecosystem, including value-added services such as loyalty and rewards (banking or retail), merchant marketplace, advertising space, etc.

“There are several ways to bring mobile banking apps to market, which usually involve complex, expensive and time-consuming developments that often take the FI’s core business away and turn it into an IT company that is forced through a development cycle, testing, debugging and maintaining their applications,” commented Alexey Osipov, EVP, MEA & CRD Managing Director at Compass Plus Technologies, who was instrumental in bringing the new solution to market successfully. “With Pocket Bank, we have drawn on our 30 years of experience in developing innovative technologies to directly address the headaches facing FIs.Our new solution allows FIs to focus on their revenue-generating activities and innovative financial products – without being distracted.