Myers-Gray to revolutionise payments industry with launch of ECHE Limited order to keep up with the pace at which the world is evolving, Jamaica needs innovation (Photo: WILL TWORT)

Lititia Myers-Gray has signed an equity deal with Proven Group Limited through its wholly owned company Proven Investments Holding Limited to form ECHE Limited, a strategic solutions company in the payments industry.

ECHE, which launched on November 22, is expected to bring industry experts together on a journey to revolutionise the cash and payments industries. Among many services, the multimillion-dollar equity deal, powered by Proven, will see ECHE optimising Jamaica's ATM network through its information technology-enabled services and payment solutions.

"We are creating a new industry with innovative services that will support banks and businesses as they transition from cash to digital — it's the start of a great voyage for the industry," explained Myers-Gray, former president and CEO of Beryllium Limited.

"Our use of technology will be paramount as we invest over $500 million in years one and two of operations."

Peter Bunting will assume the role of chairperson of the company, serving on the board with Proven's Christopher Williams, Nerisha Farquharson, VP treasury and private equity and president consulting's Rochelle Cameron.

"As Proven continues to increase shareholder value and grow its private capital, we view the payment industry as the next frontier — the industry is in need of competition and future-proofing. Business success is a combination of capital and competence. Lititia is overwhelmingly competent in the space and Proven has sufficient capital to support," said Bunting.

The global cash logistics market was estimated to be US$23 billion in 2021 and is expected to reach US$24.63 billion by the end of 2022. Businesses internationally are seeking innovative ways to manage cash, which involves integration with technology and artificial intelligence to support the growing need for safer solutions.

"In order to keep up with the pace at which the world is evolving, Jamaica needs innovation," said Myers-Gray.

Having previously navigated a 50-year-old company through a pandemic while rebranding and transforming Beryllium, Myers-Gray noted the importance of internal stakeholder management. She promises a people-first approach at ECHE, driving personal development and encouraging innovation.

"Not only do we need to diversify our businesses to incorporate technology, but we need to evolve our ways of working to focus more on the needs of our employees and nurture them as they seek to maximise their full potential — because building the individual can only help us build stronger businesses and a stronger country," explained Myers-Gray

During its launch phase, ECHE will introduce a variety of agile cash management services and digital payment services. ECHE's focus on technology-enabled services is expected to bring Jamaica, and soon the entire Caribbean, into the future with its seamless, service-driven solutions.

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