MasterCard to Use Oasis Technology for Online Transactions
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Oasis Technology Ltd., a Toronto-based developer of electronic transaction processing software solutions, joined with MasterCard International today to design an online transaction processing system that processes and routes financial transactions locally.
Under the joint initiative, Oasis reports that MasterCard will use its IST Foundation software as the basis for the new processing platform designed to process transactions between financial and retail institutions worldwide.
The IST Foundation software will enable MasterCard to build its own solutions offering functional requirements within electronic funds transfer (EFT), ATM, and POS applications, Oasis said.
"MasterCard's choice to implement IST Foundation is an excellent example of the financial and retail sectors' commitment to developing online transaction processing capabilities that are not restricted by expensive, proprietary systems," said Ashraf Dimitri, president, Oasis Technology Ltd., in a statement.
MasterCard reportedly established a test site in Australia where it will initially deploy the co-developed online transaction processing capabilities.