FIRST Global Bank (FGB) yesterday launched ‘Global Access’, a new online banking facility which it said will eliminate bank lines and allow customers the convenience of completing transactions from opportune locations.

“We are onto something really big, online banking with a greater set of features,” Dalton Fowles, FGB’s assistant vice president for e-business, told guests at the launch at the bank’s headquarters in New Kingston.

“Global Access is online real-time access with no waiting in lines in banks, no hassle and most of all, it provides you with the knowledge that all your transactions can be done in any environment, such as your home or office,” Fowles said.

The Global Access system facilitates funds transfers, both within the First Global Banking Group and across other financial institutions. Fowles said this feature was previously available only to corporate customers of certain banks. Now, FGB has made it available to retail customers.

Global Access also offers international funds transfer and cross-currency transfers between accounts. Customers can now transfer Jamaican dollar funds into their US dollar and other currency accounts and to those of family, friends and business associates.

The system also provides for online cheque and draft ordering which facilitates pick-up at any branch of FGB or delivery to the account holder.

Bank of Jamaica data indicates that in 2009 commercial banks processed approximately 20 million instruments, costing $1.2 billion. Fowles said Global Access can reduce that cost dramatically. He said whereas a customer would have to pay $40-$60 for a cheque at a bank, the online system will reduce this sum to just $20. A wire transfer that typically costs between $3,000 and $4,000 costs $1,700 with Global Access. Bill payment, including credit card payments, and standing orders are free.

“We are deliberately making the cost cheaper,” Fowles said. “It is also a less expensive channel for us.”

Responding to a question regarding the security of clients’ transactions, Fowles said the system underwent “rigourous testing” by international security experts. “When they were finished with penetration attacks — green box, white box, black box — we passed with flying colours. The best of the attacks were not able to get into the system,” he said.

In addition to the standard 128-bit encryption, there is an extended validation process that allows the address bar to turn green when the client logs on to the legitimate FGB website, thus minimising the possibility of dummy sites being used to collect client information fraudulently.

A Two-Factor Authentication also provides a unique transaction number via a token device every time the customer logs on to the site. An intruder would need to have both this password, plus the username and password set by the customer to be able to access the information, and not even the customer knows what password will be generated by the token when the request to log on is made. This token also facilitates the digital signage that was previously missing from online systems which could not allow for completion of some transactions without a verifiable client signature. With the token, the customer can generate a verifiable password that acts as a signature, so there is really no need to go into the bank.

“The one-time transaction token that we issue is, in itself, a digital signage,” Fowles explained. “On top of that, for you to get the process started you will have to come into our branches and you will have to sign the condition of rules and the various forms.”

Don Wehby, COO of GraceKennedy, First Global’s parent company, said that the mandate that the customers sign provides for the transactions to be authorised by using the password.

Fowles added that customers do not have to worry that their transactions will be blocked by other financial institutions that do not have the same features in their online systems. “Using the Interbank facilities available locally, it actually allows the co-ordination of all the banks. Technically, they can’t block the transfers,” Fowles said. “The system will actually prompt you to say that a transaction is not allowed. But there is nothing that could allow any bank from blocking the transaction.”

First Global, still dealing with the loss of a reported US$19 million from alleged fraud committed by a former executive who has been arrested and charged, indicated that it would be able to protect client information, both internally and externally.

“That most unfortunate incident has forced a comprehensive review of our operating systems, our internal controls, risk management and governance practices right across First Global Bank,” Wehby said. “And, in fact, we are well on the way. We have made significant improvements, not only in the area that was immediately impacted, which was the treasury, but we have used that lesson to do a comprehensive review of our processes. We are benefiting from the advice of international risk management and control experts.”