Tag: bank

Digital Currency ….Should I care?
Tech News, Editorial

Digital Currency ….Should I care?

Recently the Bank of Jamaica (BOJ) minted Jamaica’s first batch of central bank digital currency (CBDC). A total of J230M dollars in CBDC will be issued to deposit-taking institutions and authorized payment service providers during the CBDC pilot exercise which ends in December. I know there are a lot of buzz words floating around and a lot of average citizens have no idea what this even means and if no one understands it then this will definitely reduce the adoption. Here are a few key terms: Digital currency is the generic term for money that exists in the digital space (non-physical form). It is also called digital money, electronic, electronic currency, or cybercash. Despite being non-physical, you will be able to purchase your daily goods & services. Central Bank Di...
NCB sends out Digital Innovation Challenge
Tech News, Caribbean Tech, Tech Events

NCB sends out Digital Innovation Challenge

National Commercial Bank (NCB) is one of Jamaica's biggest banks and offers a wide range of banking and financial services through a network of 37 branches and over 170 ABMs island-wide, as well as telephone and internet Banking. In an interesting move NCB has put out a Digital Innovation Challenge as they seek to "consistently deliver new solutions that make it simpler and more affordable for our consumers to do their banking." How to Apply to Digital Innovation Challenge Participants are required to be in teams of up to three members with at least one developer and a designated team leader. Teams should apply by midnight on February 19, 2016. After the registration, eligible participants will be notified by email by February 26, 2016 to confirm participation by March 2, 2016. Pr...
JCUES Mobile Money brings Cashless Society to the Unbanked as NCB debuts Cheque  munching ATM Machine
Tech News

JCUES Mobile Money brings Cashless Society to the Unbanked as NCB debuts Cheque munching ATM Machine

NCB seems to want it all, I’m afraid. They now have in minds plans to roll out money and cheque reading machines in a bid to improve their ATM (Automated Teller Machines) Service later in the Fourth Quarter of 2013 to reduce the cost of running their Banks. This is a move I welcome, along with the coming Tsunami of Mobile Money with the partnership of Mozido Jamaica and JCCUL (Jamaica Co-Operative Credit Union League) finally getting the green light from the BOJ (Bank of Jamaica) as it means the Banking Sector is getting hip to the new reality: Banks need to be user Friendly and convenient to attract the Unbanked. The BOJ was initially in opposition to JCUES (Jamaica Credit Union e-Payment Services), the Mobile Money Service that would have made the Credit Union Partnership mentioned abo...
CIBC FirstCaribbean International Bank reports security breach to members
Tech News, Caribbean Tech

CIBC FirstCaribbean International Bank reports security breach to members

The Jamaica Gleaner is reporting the CIBC FirstCaribbean International Bank has suffered a security breach. The bank has reportedly sent out a general notice via postal  mail to account-holders informing them that their information may have been compromised and has put some high-risk individuals on alert in an effort to thwart any attempt to defraud them or others using the stolen information. Managing director of CIBC FirstCaribbean Jamaica, Nigel Holness said Tuesday (March 19th 2013) that the perpetrators potentially copied cardholder's personal information. He said the origin of the breach was unknown, but said that it affects "cardholders beyond Jamaica". He did not disclose the name of the facility that had been breached. CIBC FirstCaribbean is a major Caribbean bank offering fin...
Digital JAM 2.0 Mobile Apps Competition
Gadgets, Tech News, Caribbean Tech, Featured, Press Releases

Digital JAM 2.0 Mobile Apps Competition

The Government of Jamaica in partnership with the World Bank and private sector operators in the local ICT sector invites applications from Jamaican software developers and digital artists to participate in the Digital Jam 2.0 Mobile Apps Competition. Conceived as an integral part of a 3-day Business Development and Marketplace event to be held at the Jamaica Conference Centre in Kingston June 28-30, 2012, the following are requirements for submission into the competition: The software application should feature a mobile device interface, serving platforms widely available to the Jamaican public or to a broader international market seeking Jamaica-related inputs or contents. The app development should utilize technologies such as SMS, USSD, Java ME, iPhone Xcode, Android develop...
How to use Scotia VISA Debit Card Online
Tech Tips, Internet, Caribbean Tech

How to use Scotia VISA Debit Card Online

Those of you who read my little adventure in getting my Scotia VISA Debit Card in my last article ScotiaBank’s VISA Debit Card – Jamaica’s Online E-Commerce Renaissance, may have noticed that I had mentioned using my new best friend to shop online as well as received payments online using PayPal. “How do I do that”, you may be asking, nose wrinkled in consternation? Even better query: “how do avoid being robbed on the Information superhighway?” You are indeed correct to be concerned. Using Payment methods online, be it a Credit or Debit Card, is fraught with the same level of danger, as both can be stolen and your funds used by unscrupulous hackers or phishers to purchase items or withdraw funds without your knowledge. More on such hacking methods in another tightly tailored article....
The Realm Of Online Banking in Jamaica – NCB and Scotiabank compared
Tech Tips, Internet

The Realm Of Online Banking in Jamaica – NCB and Scotiabank compared

Most of us should know the saying "time is money" and or "time wasted is never regained" (or something to that extent) so most of us should have experienced the pain and loss of precious time that often goes with standing in at times horrendously long lines waiting to pay bills, other expenses or other business/financial transactions.  Well with the advances in technology many things have gone online and our local banks are no exception.  All of the top banks locally does or should facilitate some sort of electronic banking, there are about 4 or so banks locally but the two which are most familiar (mainly due to the fact that they have been here for like forever) and that usually comes to our mind are National Commecial Bank (NCB) and Scotiabank and thus those are the two banks that will b...