National Commercial Bank Jamaica Limited (NCB), Jamaica’s largest financial services provider has upgraded to the latest version of TSYS’ card issuing and merchant management solution ” PRIME 4.
Mozido mobile financial services, through its subsidiary Centralized Strategic Services Ltd (CSS), have partnered to create a mobile wallet, branded JCUES (Jamaica Credit Unions E-payment Services), that extends financial services to Jamaica’s underbanked population. Mozido’s mobile financial services technology enabled JCCUL, which represents 42 credit unions serving over a third of the nation’s consumers, to launch a stored-value account mobile wallet initiative that delivers banking options to Jamaica’s estimated two million underbanked citizens, and also brings mobile payments and loyalty services to thousands of merchants. After a one-year initial phase, the Bank of Jamaica has approved phase two pilot of JCUES, now allowing any Jamaican to sign up, add money, and pay for goods and services without the need for a bank account. Phase two of JCUES doubles the target market base in Jamaica, giving over two-million citizens the opportunity for full control over their finances, many for the first time ever.
Citi’s Global Transaction Services launched Citi Prepaid Services to clients in Trinidad and Tobago, Jamaica and Panama and expects to continue expanding its Citi Prepaid Services in key target markets within Latin America. Through this innovative prepaid card solution and market-tested implementation methodology, Citi Prepaid Services is uniquely positioned to meet the evolving sales and marketing goals of clients in the region. Citi Prepaid Services enables clients to more effectively and conveniently deliver payments to customers, employees and sales agents via a customized prepaid card.
Advanced Integrated Systems and California-based Debisys have teamed to deliver a transaction processing system for the prepaid market in the Caribbean. Having recently entered the POS market with Hypercom terminals, and two large banking partners, AIS plans to deploy thousands of terminals in Jamaica and throughout the Caribbean, building the largest Caribbean PIN distribution network. Wireless purchases through the mobile instrument will be an option that Debisys and AIS will bring to the market in short order, in conjunction with their banking partners. AIS is one of Jamaica’s largest transaction processors, specializing in online health insurance claims adjudication and financial transactions.cDebisys supplies proprietary, technology-based transaction processing solutions marketed to the prepaid communications industry, including PCS/cellular, home phone, long distance, calling card and Internet service providers.
Colorado-based Equitex has closed its previously announced transaction with Paymaster Jamaica Limited. Under terms of the agreement, Equitex has provided a capital advance to Paymaster Jamaica that may be converted into stock of a newly formed subsidiary, Paymaster Worldwide, Inc. Paymaster Worldwide will be equally and jointly owned by Equitex and Paymaster Jamaica and its purpose is to replicate and commercialize the Paymaster Jamaica business model throughout North America, and possibly worldwide. Equitex also announced today the formation of a new subsidiary, Denaris Corporation, which will act as the stored value card operation of Equitex. Denaris will support Equitex’s transaction with Paymaster Jamaica as well as all future stored value card programs.
Kingston-based Paymaster Jamaica has signed a non-binding MOU with Colorado-based Equitex to form a jointly owned and operated company to replicate the Paymaster Jamaica financial services business model throughout the Caribbean and North America. The initial focus of the new Paymaster Worldwide, Inc. entity will be the international funds remittance business between the United States and Jamaica. Equitex will develop, market and implement a stored value card program through the newly formed company. Paymaster Jamaica will market the stored value card on a worldwide basis. Paymaster Jamaica, began operations in 1997, offering improved revenue collection and customer care facilities to businesses, institutions and consumers on the island of Jamaica.