Victoria Mutual Building Society (VMBS), which closed its representative office on Dufferin Street in Toronto in August, will be offering wire transfer services through online platform, says Christopher Denny, vice president, building operations.
VMBS members can use the SWIFT account facility, which Denny says, is the more efficient and incurs less charges.
“ We will have our own SWIFT account, so you will be able to send us a wire transfer, experience less charges end to end, to get monies to us in your account at Victoria Mutual and vice versa,” Denny said. He was speaking at a luncheon held at the Chelsea Hotel, in downtown Toronto, recently.
“Prior to now, if you wanted to transfer funds to your account in Jamaica, to get that done you would use a wire transfer and that wire would be sent to a bank where we bank with instructions saying: Further to Victoria Mutual. So, that was an extra step and because it was an extra step it was an extra risk – things could go wrong and it was also costly.
“Less length in between and more of a direct journey,” he said.
The SWIFT code is a standard format of Bank Identifier Codes (BIC), which is a unique identification code for a particular bank. These codes are used when transferring money between banks, particularly for international wire transfers.
Denny, underplaying the closure of the VMBS office, reassured the members, that the financial institution was moving from a physical to an online platform.
“Canadians will have a Member Engagement Center, whereby members can call toll free (1-888-976-8627) or gain access via Online Chat, accessible through our website: www.vmbs.com,”; he said, during his power point presentation – The Way Forward.
Denny said VMBS will have its presence in community events, to educate, engage and solicit membership, which by proxy create visibility on the ground.
Meanwhile, upgrading of core systems and automating key processes, which includes improving the Online Banking facility and automating key back-office functions, contributes to the navigation forward.
This, Denney reassured members who were concerned about the shift in structure, is integral to the company’s recent accomplishments of their online mortgage portal that able one to utilize a range of tools to help prepare them for home ownership – without visiting a office.
“ We are the first financial institution in Jamaica where you can do this web link anywhere in the world; begin a mortgage application, upload required documents, get our decision- yay or nay- all online,” he said.