The new launched E-Cash service uses TranzWare from Compass Plus. Compass Plus is an international provider of retail banking and electronic payments software for processors and financial institutions.
The account-less banking service was introduced by the bank in 2015. It allows ABA customers to transfer money to people that do not have bank accounts by sending them a security code along with additional security parameters, which the recipient enters into any of the bank’s network of 140 ATMs across the country. The funds are then available immediately for withdrawal, 24/7/365, unlike similar services available which require recipients to visit a branch during business hours to withdraw funds.
Launched as part of the bank’s self-service strategy, the new service has been particularly beneficial for customers who work away and need to send money to more rural areas where banking services are low. Since the launch of the service, 2,000 E-Cash withdrawals were made, and more than USD 370,000 has been sent by ABA customers in total.
ABA Bank was founded in 1996. The bank currently operates 39 branches across the country. In July 2014, National Bank of Canada became ABA Bank shareholder.
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