Wed | Feb 26, 2020

NCB executing $2b upgrade to banking platform

Published:Friday | May 17, 2019 | 12:31 AM

Starting today, Friday, National Commercial Bank Jamaica (NCB) will begin executing an upgrade of its banking platform that is supposed to result in speedier transactions for business and personal customers.

The system, which costs $2 billion, has been procured from global IT software giant Infosys and “is the same platform utilised by some of the most leading-edge banks in the world …,” NCB said via email.

The platform will allow connectivity to third-party platforms, providing the opportunity, for example, for local fintech companies to “integrate within NCB’s technical ecosystem to create new financial products and services”.

The bank said that once the upgrade is complete, business customers will be able to manage and deploy payroll and transfers in less time than it usually takes and perform ‘self-serve’ transactions that previously required the assistance of a customer care agent.

Personal customers will get a new interface and be able to automate transfers and bill payments and opt for transactions notifications in their preferred format – SMS, email, or mobile app.

A security token – RSA Secur ID – will be required for all customers accessing the platform, starting Monday, May 20.

The upgrade will last four to six weeks, and will likely cause temporary disruptions to regular services, especially over the initial period May 17-20, including the unavailability of online banking and mobile app services, and a 1 p.m. closure of all NCB branches today.

Customers will still be able to do transactions at ABMs and point-of-sale machines, the bank said.