Banking’s on the money as tech pays its way in the Caribbean

Banking’s on the money as tech pays its way in the Caribbean

Three examples from the Caribbean show how finance in the region is handling change.

Bank of Nevis International (BONI) is first Caribbean bank to launch Tookitaki anti-money laundering tech

BONI joins other leading global banks to deploy next-generation AML technology, including AI learning, to combat financial crime.

Bank of Nevis International (BONI) – a leading provider of holistic wealth management and portfolio management services for clients around the world – has partnered with Singapore-based Tookitaki to become the first Caribbean bank to launch the tech firm’s award-winning Anti-Money Laundering Suite (AMLS).

AMLS provides holistic risk coverage, sharper detection and significantly fewer false alerts than legacy financial crime detection systems. By using AMLS, BONI is joining other leading banks and fintechs from across the globe to build agile and scalable compliance programs and achieve new levels of accuracy and speed.

Deji F. Akadiri, VP Fintech and Security, BONI, said: “Current legacy financial crime detection systems are not able to keep pace with emerging compliance challenges such as sophisticated money laundering techniques and a fragmented regulatory landscape. Tookitaki AMLS enables BONI to harness the power of next-generation technology, including AI learning, to meet rapidly evolving compliance requirements.

“For our customers, the benefits include a streamlined customer experience, a reduction in false positives, significantly quicker onboarding and vetting and confidence that BONI is using class-leading proven technology that will continue to learn from changing and evolving data.”

Abhishek Chatterjee, CEO and Founder, Tookitaki, said: “We are beyond thrilled to extend our partnership landscape in the LATAM region and collaborate with BONI, facilitating their digitalization journey with our cutting edge AMLS solution. With our highly reliable and customizable solutions, Tookitaki is perfectly positioned to protect customers from financial crime losses.”

Tookitaki pioneered the first-of-its-kind community-driven Anti-Financial Crime (AFC) ecosystem that includes a network of experts and provides a platform for the experts to create a knowledge base to share financial crime scenarios. This collective intelligence is the ability of a large group of AFC experts to pool their knowledge, data, and skills in order to tackle complex problems related to financial crime and pursue innovative ideas.

The AFC ecosystem is a game changer since it helps remove the information vacuum created by siloed operations. It also provides a platform where financial crime scenarios are shared across an ecosystem through a privacy-protected framework. The network of experts includes risk advisers, legal firms, AFC specialists, consultancies and financial institutions from across the globe.

Paysend partners with JMMB Money Transfer to make payments in Jamaica from the UK, US and Canada

Partnership pitches secure and affordable deposit-to-account transfers.

Paysend, the UK-based fintech company, with over eight million customers, is to partner with JMMB Money Transfer, a subsidiary of JMMB Group, pitching secure and affordable deposit-to-account transfers to family and friends in Jamaica.

Jamaicans can now receive remittances from the UK, USA and Canada via the Paysend App.

Alex Bessonov, Group Head of Network Development and Strategic Partnerships, Paysend, said: “This partnership between JMMB Money Transfer and Paysend will encourage users all over the globe, namely the UK, USA and Canada, to connect across borders and send money to support loved ones in Jamaica. They will experience more affordable rates and quicker processing speeds when sending remittances. Through Paysend’s easy-to-use app, automated phone number and text ID verification, users can benefit from a quick and simple onboarding process, allowing them to make transfers through the Paysend platform immediately.”

In Jamaica, family and friends can access the funds sent via bank transfer on the same day, in a convenient and secure way. Additionally, this payment method gives Jamaicans receiving funds from Paysend the added convenience of using an ATM at any time to access their money – or they may opt to make online purchases or payments. Senders will benefit from features such as low fixed fees, upfront exchange rates, fast transfer speeds and the ability to make instant, digital end-to-end international payments.

Sharon Gibson, CEO, JMMB Money Transfer, said: “We are happy to forge this partnership with Paysend, as it gives Jamaicans in the diaspora more seamless and safe options to send money to family and other loved ones. This move is synonymous with JMMB’s promise to deliver value-added service that improves our clients’ experience. The Paysend partnership embraces innovative technology to deliver convenient and affordable services to our clients.

“This partnership is in line with our strategic focus to further deepen our market share through our international partners in major source markets to meet the increasing demand for our services across the world.”

The Paysend App can be downloaded on any smartphone from the Google Play Store or the Apple App Store.

eCurrency providing technology for national rollout of CBDC in Jamaica

Game changing Digital Transformation enables unbanked and underbanked citizens to be a part of the formal financial system.

eCurrency has entered into a long-term partnership with Bank of Jamaica to provide technology services for the national rollout of its Central Bank Digital Currency (CBDC) – JAM-DEX.

Jamaica became the first country to recognize its CBDC as legal tender. In June 2022, the Jamaican Parliament passed amendments to the Bank of Jamaica Act that were assented by the Governor General to accommodate the bank as the sole issuer of CBDC and strengthening its anti-counterfeiting laws.

The Bank of Jamaica now mints, issues, distributes and redeems CBDC in Jamaica. The bank announced the national rollout after a successful CBDC pilot last year with eCurrency. 

“Bank of Jamaica is pleased to partner with eCurrency in the national rollout of JAM-DEX to the Jamaican people. JAM-DEX will be a game changer in the country’s Digital Transformation, by enabling unbanked and underbanked citizens to be a part of the formal financial system thereby enabling access to other financial products,” said Deputy Governor Natalie Haynes.

With the issuance of Jamaica’s digital dollar, JAM-DEX, Bank of Jamaica continues to fulfill its commitment to promote a digital economy and increase financial inclusion providing its consumers with the ability to make and receive payments anytime, anywhere and using any convenient device in a manner that is safe, convenient and secure. The eCurrency solution contains layers of security to prevent counterfeiting while allowing universal interoperability and widespread circulation.

“We are honored to be the technology partner for the Bank of Jamaica CBDC,” said eCurrency CEO, Jonathan Dharmapalan.” Jamaica is leading the world in issuing a true CBDC that is a digital bearer instrument distributed alongside its notes and coins.”

Bank of Jamaica will preserve its role as sole issuer of the national currency, while empowering regulated financial institutions, including commercial banks and payment service providers, to distribute CBDC to the public.

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