Compass Plus announced Tuesday an instant chip-and-PIN card issuance product that works in conjunction with its banking platform, TranzAxis.

The British payments software company said that TranzAxis Instant Issuance is able to deliver both magstripe cards and cards based on the EMV security standard within minutes of signing up a customer at a bank branch.

TranzAxis launched in November 2011.

"We are very excited to see more and more applications being developed on our new open development banking platform," said Maria Nottingham,Compass Plus' chief marketing and public relations office, in a press release. "The TranzAxis Instant Issuance solution is another great example of how the platform's extensive capabilities can be utilized quickly to develop new fully customizable applications fit to serve an array of geographic markets and industry sectors."