June 30, 2022

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Stanchion fast-tracks JMMB’s Buyer Expertise and Fraud Initiatives

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JMMB companions with Stanchion to ship modern funds options to its prospects throughout Jamaica, Trinidad and Tobago, and the Dominican Republic.

JMMB, one of many main monetary teams within the Caribbean, has partnered with Stanchion Cost Options, world specialists in cost options and integrations, to cut back fraudulent card transaction exercise and create new buyer communication experiences.

JMMB is the primary financial institution to deploy the most recent model (v3.0) of Stanchion’s Digital Funds platform, VERTO. VERTO is utilized by monetary organisations globally and offers cost orchestration, information transformation and enrichment providers.

By way of this partnership, Stanchion offers JMMB with a multi-pronged method to fraud. A rules-based engine declines suspicious exercise, whereas VERTO permits transaction alerts – empowering JMMB’s prospects to react to suspicious transactions. The flexibleness of VERTO’s modern guidelines engine permits JMMB to selectively ship completely different alerts over a number of channels relying on the character of the transactions and the cardholders’ preferences. For instance, purchasers can select to be alerted by way of SMS or electronic mail for all new transactions or solely by way of SMS for above-threshold values. When a transaction is recognized as matching fraud situations, a particular alert is distributed to the shopper.

JMMB operates in a number of areas with completely different guidelines, currencies and necessities; all of that are accommodated by Stanchion’s providing.

With the VERTO resolution now absolutely deployed, JMMB additionally has entry to a platform for future innovation and cost modernisation.

“We selected to companion with Stanchion as a result of they’re funds consultants who we will depend on for each our day-to-day and strategic funds wants. Their world footprint has meant that we’re in a position to leverage their worldwide experience,” says JMMB Group CEO, Jerome Smalling.

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Stanchion CEO, Steve Kirrage, emphasised the worth of this new partnership. “Stanchion’s newest launch of VERTO signifies a big milestone in our drive to simplify funds integration and innovation. The worth to JMMB is measurable instantly, however we’re additionally excited in regards to the alternatives to proceed partaking with JMMB in future innovation initiatives.” says Kirrage.

About Stanchion Cost Options

Over the previous twenty years, since its institution in South Africa in 2001, Stanchion has expanded its choices and options throughout the globe, with workplaces in Australia, the UK, the United Arab Emirates, america and Israel.

The expansion of its world footprint is testomony to the worth of its choices and specialist staff, together with Stanchion’s capacity to always innovate and adapt to the adjustments inside the dynamic funds panorama and the wants of the industries it serves.

Stanchion’s entry to world operational administration experience throughout the banking, retail and cost processing sectors serves as the inspiration for creating this world-class service.