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Mobile Banking Services Launched in Jamaica
Published on:
Payment fraud prevention detector, Alaric says that it had provided its services to Transcel to support a Development Bank of Jamaica project to deliver mobile financial services in the country.
The M3 (Mobile Money for Microfinance) project will leverage the channel of DBJ-approved microfinance institutions to provide consumers with the capability to carry out low-cost person-to-person mobile money transfers and payments. The National Commercial Bank (NCB) in Jamaica, a principal partner in the M3 project, will provide debit cards linked to M3 accounts, allowing the consumers to access their money through an ATM or a merchant with a POS device.
In the Transcel M3 platform, deployed for the DBJ, all bank integration and financial transactions are implemented within Alaric's transaction processing framework.
In Jamaica, as in many other countries around the world, there is a large unbanked population which has limited access to traditional financial service providers and is typically forced to conduct all transactions in cash. They have to physically store or carry their earnings or remittance receipts, leaving them vulnerable to crime. Lacking access to regulated lines of credit, they are subjected to questionable practices of local money lenders.
"Mobile phones have reached such a high level of penetration in Jamaica (115%) that they provide the perfect vehicle to gain access to financial services. The initiative, started by the Development Bank of Jamaica and Transcel, incorporates learnings from other mobile money projects and has been very carefully planned to meet any possible demand," said Mike Alford, CEO at Alaric.
Tags: [transcel] [alaric] [mobile banking] [Jamaica]
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