Business

JN launches wire transfers

Sunday, September 09, 2012    

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MEMBERS of Jamaica National Building Society (JNBS) can now access new options to move their funds electronically through the society's online banking portal, LIVE by JN.

Emile Spence, JNBS business development and research executive, said the system now allows members to make international wire transfers and local funds transfers to accounts in commercial banks. The banking portal previously allowed members to check their account balances and conduct transactions, such as cellphone top up, credit card payments, utility and other bill payments online.

“Now our members have additional services and can conduct transactions from their accounts in the virtual environment,” Spence said. The changes allow JN members to transfer funds from their accounts to other accounts held in local commercial banks, as well as to send wire transfers to banks overseas.

“This capability will enable our members to move their money between entities from the convenience of their homes or wherever they have secure Internet connection, without having to visit a branch,” Spence explained. “We also hope that the facility will generate increased use of our online banking portal.”

The wire transfer function will also benefit JN members overseas, who will now find it easier to transfer funds between accounts held locally, said Spence.

“They will also be able to make direct loan and mortgage payments, on behalf of other JN members,” he added.

JN members can also register for these added features online, without going into a branch to complete a form, which enabled activation. The local funds transfers are facilitated through the Automated Clearing House (ACH) and Real Time Gross Settlement (RTGS) systems.

Ricardo Dystant, manager, e-channels and discount business unit at JNBS, said the addition of these features is part of the continued development of JN's online banking portal, which has consistently resulted in increased membership since its multi-service enhancements in 2012.

“The improvements continue as we respond to our members’ needs and seek to make our system more user-friendly,” he stated. “In keeping with the recurring nature of the transactions that some of our members conduct online, we have also made it possible for them to generate new transactions based on previous transfers that were successfully completed.”

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