A NEW MONEY transfer and payment service, "PayOutOnline" was announced on Tuesday, July 16 at the Jamaica Pegasus.
PayOut Corporation and the Jamaica National Building Society have partnered to provide this online international payment service. Managing Director of PayOutOnline, Mr. Peter Williams, described the new service as revolutionary in its use of cutting edge technology, which will allow Jamaicans to easily, conveniently and quickly send payments anywhere in the world. In his presentation, he illustrated how PayOutOnline will save its customers time and money in making international payments from Jamaica.
In his address, Mr. Noel Hylton, Chairman and CEO of The Port Authority as well as a Director of PayOutOnline, lauded the new service and drew attention to the strength of the financial entities with which it is affiliated. He observed, "The business foundation on which PayOutOnline is established represents a long record of experienced, successful and well tested business performance in Jamaica. Of course, I am referring to Jamaica National Building Society and the Hart Group of Companies." Mr. Hylton expressed confidence that PayOutOnline will make a significant contribution to the financial services and to the Jamaican business environment in general.
Earl Jarrett, General Manager of the Jamaica Building Society and a Director of the new company, spoke proudly of the partnership between PayOut Corporation and JNBS. He noted that, over the years, JNBS had consistently used new technology to innovate and to improve its services. He referred to PayOutOnline as yet another " premier innovation in the money transfer business".
Williams explained the three steps for making an international payment using his new service. First, the user goes to the PayOutOnline website and selects the payment method. Next, the payment form is filled out. Finally, the payment form is printed and sent with a cheque to the nearest JNBS branch. This whole transaction can be done in one hour and is demonstrably the least expensive way, available to Jamaicans, to make international payments. Participants in a recent dry-run commented on the advantages of using the PayOutOnline system: "Super fast, super easy, no guess work, a giant leap!" (Mark Hart - CEO Hart Group of Companies) "I am very, very happy; will be using it for all payments." (Mark Wilson - Managing Director, TDI Global Ltd.) "Found the service easy to use. It is also the least expensive way I found to transfer money to North America. I plan to continue using the service!" (Christopher Dickenson). Jamaican users will be able to send money or make payments to anyone internationally through Jamaica National Building Society, even if the recipient does not have a JNBS account. Transactions will be initiated through the PayOutOnline Web site at www.PayOutOnline.com. or through any branch of Jamaica National Building Society. Mr. Williams observed that the availability of the PayOutOnline service will enhance Jamaican's capacity for keeping abreast of the rapid technological developments in 'e-commerce'. He reminded the gathering that the need for quick and efficient means of making payments internationally is more and more urgent as the world's economy is increasingly globalised. "In such an environment, the traditional paper cheque form of transferring money is grossly inefficient and will soon become an anachronism in our time", noted Mr. Williams.
The members of PayOutOnline's Board of directors are: Tony Hart; Chairman, Earl Jarrett; General Manager of the Jamaica National Building Society, Hon. Noel A. Hylton; Chairman and CEO of the Port Authority of Jamaica, Tom Gutierrez of Lukas Nace Gutierrez and Sachs, Dhiru Tanna; Director of The Jamaica National Building Society, and Peter Williams; Managing Director of PayOutOnline.
