JarrettTHE JAMAICA National Building Society (JNBS) can now operate as a Foreign Bank in Canada following on a new designation order, which took effect on November 26, 2002 pursuant to the Bank Act of Canada.
General Manager, Earl Jarrett, commenting on the new order said the Society welcomes this new designation as "it will allow us to conduct our money transfer operations in Canada in an unfettered way".
"What this means is that we can appoint agents for our money transfer service and expand our range of operations to other territories in the wider Caribbean," he said.
Mr. Jarrett said that among other things, "the new order will allow us to more effectively promote our services, further enhance our presence in Canada and improve our capacity to garner new business."
Mr. Jarrett said that the Society is hoping to establish the newly revamped money transfer operations in the second quarter of this year. A.G. Smith, Executive and Chief Representative for the Society's Toronto Operations, in expressing excitement at the prospects of the new development noted that "the new order will allow us to further streamline our operations as the JN Toronto Representative Office operations will be divorced completely from the new money transfer operations."
"The designation offers us tremendous opportunities and will allow the Representative Office to focus more on the promotion of the Society's products to the various target markets in Toronto. In essence, Jamaica National will now operate two entities in the Canadian marketplace," he explained.
He said "Jamaica National Overseas (Canada) Limited, a subsidiary of JNBS, will be the vehicle through which money transfers will now be transmitted. The Company will use all the available technology in the Group including E- Money to deliver its superior product to the market." E-money, an Internet based international money transfer system, developed by JN's wholly owned IT subsidiary, MC Systems (MCS), was introduced in February of 2001. This new system is MCS' foremost e-commerce development project to date and won the award by Microsoft in 2001 as the best e-commerce site in the Caribbean. The Society's E-money operations span the Cayman Islands, the USA, Canada and the United Kingdom facilitating effective and affordable money transfers between these countries and Jamaica. The application, which runs on Microsoft Windows NT 4.0 Server Edition, allows disbursing locations to have immediate access to information once it is entered at source thereby enabling recipients to access funds within minutes.
This new development is a milestone in the Society's quest to achieve its vision of being an organisation, which delivers superior products and services quickly and efficiently resulting in true customer satisfaction.
