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
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.
“Our open, client-server solution will allow MasterCard to increase the speed
of its transaction processing services while providing MasterCard with a
highly adaptable, cost-effective environment for moving its online services
into the next century.”
MasterCard reportedly established a test site in Australia where it will
initially deploy the co-developed online transaction processing capabilities.