JMMB upgrading remittance platform
Avia Collinder, Business Reporter
Jamaica Money Market Brokers Limited (JMMB) says that a temporary suspension of outbound money transfers through its Reggae Money platform is due to the ongoing integration of a new system for both inbound and outbound remittances.
Group marketing manager Kerry-Ann Stimpson said the company is switching to a new cloud-based platform in partnership with Remit One Limited of the United Kingdom, to which it will pay a monthly subscription, based on transaction volume.
She declined comment on the cost.
JMMB's new platform will be launched during the first quarter of 2015, the marketing manager said.
JMMB, which is a small player in the US$2 billion remittance market, has its eyes set on expanding market share.
At year ended March 2014, inflows for JMMB's remittance arm, Capital & Credit Remittances Limited, trading as Reggae Money Express (RME), totalled US$19.31 million, up from US$18.6 million the previous year. Similarly, total transaction volume also increased by 3.1 per cent above the previous financial year, results the company called encouraging.
Stimpson said Capital & Credit Remittances - which is to be rebranded JMMB Remittances under an ongoing restructuring of the group - made profit of $1.6 million, in a turnaround from a loss of $5.59 million in 2013.
"While Reggae Money Express is one of the smaller players in the local money transfer industry and a small contributor to our revenue base, JMMB has recognised its significant potential for growth and, therefore, we are currently investing in making changes to its systems and operations, with a view to enhancing process efficiencies and service," said the marketing manager.
Reggae Money customers, through eight remittance partners will be unaffected by the change proposed, Stimpson says.
"Reggae Money Express' partners are remittance/money transfer service providers who operate in various parts of the world - both online and through their physical branch locations," she said.
"What we are doing is simply moving our operations from our current system, to the cloud-based remittance system that is offered by Remit One Limited. Therefore, Remit One Limited is not and will not be an RME remittance/money transfer partner, but instead is the company whose cloud-based remittance system we will be moving to."