Sun | Sep 19, 2021

ADVERTORIAL | Phoenix International powers operations at JN Bank

Published:Wednesday | June 16, 2021 | 12:34 PM
Dmitri Dawkins, commercial director, Phoenix International, MC Systems.
Dmitri Dawkins, commercial director, Phoenix International, MC Systems.
Kevin Daley, manager, User Support - IT, JN Bank.
Kevin Daley, manager, User Support - IT, JN Bank.


JN Bank is reporting a 45 per cent reduction in the number of customers entering its banking halls as more customers shift to online banking channels, said Kevin Daley, manager, User Support - IT, JN Bank.

The financial institution has accredited its success to the digital transformation strategy, which is supported by MC Systems’ Phoenix International core banking platform.

“Phoenix International has assisted JN Bank immensely. We’ve managed to leverage the platform’s API (Application Programming Interface) to extend our digital services resulting in a steady reduction in the number of customers entering our banking halls, by the mere fact that they are now available online and in real time. JN Bank has invested heavily into digital channels and integrated solutions using the Phoenix International API,” disclosed Mr Daley.

He made the disclosure while addressing the Phoenix International Webinar recently, where he gave testimony about the use of the application to improve services to customers. He said persons were using the banking platform to do transactions such as: bill payment; transfers to other JN Bank customers' accounts; transfers to customers’ accounts at other financial institutions; loan payments; multi-institution credit card payments; international wire transfers; as well as, real time transactions; mobile top ups; and other transactions.

He also informed that with the Phoenix International IT software, JN Bank will be rolling out several other initiatives to the online banking platform, which will make it even easier to do business with the bank.

“Driven by the success of our personal banking platform; and with the number of new business banking customers on-boarding at this time, we saw the need to create a similar platform; only this time, to cater to our business banking customers. From this need was born the JN Bank LIVE Business internet banking platform,” he said, which was also made possible through the Phoenix International core banking software.

Mr Daley informed that organisations were benefiting from the platform and saving, as they are now able to move larger sums of money without having to wire the funds; hence saving on cheque book costs; with many of these transactions being free of cost.

In addition to other saving costs, he said businesses are now able to complete transactions within minutes instead of days. Businesses are also able to directly upload their payroll feature, to pay their members of staff, without having to send a payroll to the bank days before.

Realising the potential of the Phoenix API, JN Bank, in partnership with MC Systems, has started to work on several new initiatives, some of which will be ready for the market prior to the end of this current financial year,” he informed.

Mr Daley said that operations of the financial institution’s ATM machines have improved significantly and customers are able to deposit cash at the ATM and see it reflected in their accounts immediately.

By leveraging Phoenix International we are now able to accept cash deposits at our ATMs and have them posted in real time and immediate account history updates,” he said.

The JN Bank manager said this improvement saw more customers gravitating to using the ATMs and freeing up members of staff to perform other duties.

In addition, he said another feature which was added to the ATM was accepting loan payments on behalf of its sister company, JN Small Business Loans (JNSBL) and allowing more flexibility to customers to make their payments.

Dmitri Dawkins, commercial director, Phoenix International, MC Systems, said that the Phoenix acquisition was obtained because of the versatility of the platform.

“We have a diverse range of customers in Latin America, Caribbean, Continent of Africa, in Europe and the United States of America, and it is just amazing to see how this one platform can be configured to meet the needs of our customers,” he related.

“This flexibility of the Phoenix International platform is what we saw at MC Systems and why we decided to acquire the business. We’re investing heavily to continue platform development and meet the needs of emerging market customers,” he affirmed.

“It uses a Microsoft technology stack through every tier of the architecture, from the hosting environment to the user interfaces; database layer, and API,” he revealed.

He explained that, “we will continue to develop digital channels with Phoenix International to support our diverse customer base and regulatory and compliance needs of the Caribbean markets.” And, noted that, “Our continued development of Phoenix International will ensure that customers can maximise their internal efficiency, reducing cost of service, improving customer experience and allowing future innovation through open banking protocols and fintech integration.”


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