JMMB, one of the leading financial groups in the Caribbean, has partnered with Stanchion Payment Solutions, global specialists in payment solutions and integrations, to reduce fraudulent card transaction activity and create new customer communication experiences.
JMMB is the first bank to deploy the latest version (v3.0) of Stanchion’s Digital Payments platform, VERTO. VERTO is used by financial organisations globally and provides payment orchestration, data transformation and enrichment services.
Through this partnership, Stanchion provides JMMB with a multi-pronged approach to fraud. A rules-based engine declines suspicious activity, while VERTO enables transaction alerts – empowering JMMB’s customers to react to suspicious transactions. The flexibility of VERTO’s innovative rules engine allows JMMB to selectively send different alerts over multiple channels depending on the nature of the transactions and the cardholders’ preferences. For example, clients can choose to be alerted via SMS or email for all new transactions or only via SMS for above-threshold values. When a transaction is identified as matching fraud conditions, a specific alert is sent to the customer.
JMMB operates in multiple regions with different rules, currencies and requirements; all of which are accommodated by Stanchion’s offering.
With the VERTO solution now fully deployed, JMMB also has access to a platform for future innovation and payment modernisation.
“We chose to partner with Stanchion because they are payments experts who we can rely on for both our day-to-day and strategic payments needs. Their global footprint has meant that we are able to leverage their international expertise,” says JMMB Group CEO, Jerome Smalling.
Stanchion CEO, Steve Kirrage, emphasised the value of this new partnership. “Stanchion’s latest release of VERTO signifies a significant milestone in our drive to simplify payments integration and innovation. The value to JMMB is measurable immediately, but we are also excited about the opportunities to continue engaging with JMMB in future innovation initiatives.” says Kirrage.