JN Bank sprints ahead in its operation and service delivery to customers. After just recently acquiring its banking license in 2017, JN Bank is set to lead the banking sector in Jamaica with a completely integrated, end-to-end automation and straight through local, regional and international payment process through different channels. What this means for its customers is faster, more accurate, and compliant transactions that can be initiated at the branch, in the back-office or anywhere in the world through the bank’s online portal. Next to this, the bank will also easily be able to process hybrid payroll and batch files, covering all payment types.
JN Bank has signed on to start the implementation of the Alchemy Payment Processing Suite in August, which will allow the bank to conduct seamless straight through processing of all its payments. With this decision the bank will lower operational and compliance risks, increase efficiencies and be in a position to better serve its end-customers. By reducing or fully eliminating manual processes, the bank stands to gain a significant competitive advantage in the market as it increases customer service levels, responding faster to payment requests with quicker and more efficient execution, while being fully compliant with Internationally demanded standards and regulations.
The Alchemy Connect platform, which consists of a Payment Processing Suite, Internet Banking, Mobile Banking App and other features has been developed by banking experts at IBIS Management and implemented at various financial institutions in the Caribbean to address existing global banking automation and compliance needs in the payment arena. The solution provides real-time responses to customers, access to all information on customers’ payments, and a real-time, preventative and proactive sanction lists filter with a complete end-to-end audit trail for all transactions. Banks that have implemented Alchemy have experienced on average over 600% gain in efficiency during the first months of operation, with additional gains in the following months as an increased number of payments are processed straight through.
Next to automating the day-to-day activities, Alchemy also helps bank improve and build strong relationships with US correspondent banks, minimizing the chance of being cast into the de-risking basket. Real-time Preventative Sanction Lists Screening on payments and customer level is a key requirement from US Correspondent banks to comply with to ensure all incoming and outgoing payments are duly checked prior to execution. This feature is built into the Alchemy platform.
About JN Bank
JN Bank is Jamaica’s first mutually-owned commercial bank, 100 per cent held by its savers and borrowers.
Invigorated with the values and principles of its predecessor, the Jamaica National Building Society, JN Bank is underpinned by nearly a century and a half of rich history and legacy, which it continues to build on as a member of The Jamaica National Group. The leading private mortgage provider in Jamaica, JN Bank is committed to the success of Jamaicans, through bold initiatives, products and services that instil confidence and create extraordinary experiences.
As a bank owned by the people, JN BANK understands the needs of Jamaicans; their aspirations and their motivations. Our products and services are, therefore, created to assist our customers to achieve their financial objectives and life goals.
JN Bank is the only ISO 9001:2015 certified financial institution in Jamaica, upholding best practices in banking services and quality assurance. Hospitality and respect are the hallmark of our service, which is exemplified in our commitment to offer financial products that improve the lives of Jamaicans, wherever they reside, their communities and the nation.
About IBIS Management Associates
IBIS Management Associates was founded in Curaçao, Dutch Caribbean, in 2000 to provide solutions, advice and manage critical projects for Financial Institutions to ensure the achievement of operational excellence. The focus is on increasing efficiencies and reducing compliance risk, while gaining profitability. IBIS Management’s reach extends from Central banks to leading commercial and retail banks and credit unions as well as corporates throughout the Caribbean, Latam and Asia.
IBIS Management’s proprietary technologies have been developed by a team of senior international banking consultants together with IBIS Management’s in-house development team with extensive knowledge in international payment processing, risk mitigation and regulatory reporting for global and multi-currency banking. With opportunities continuously evolving, IBIS Management now also extends its services in the development of Blockchain initiatives and Managing Blockchain projects for clients ready to tap into this arena.
The hallmark of the IBIS Management approach is a high degree of flexibility and innovation in delivering solutions that are specific to clients’ requirements within their jurisdiction.