With the implementation of both Alchemy and SWISSRoute Total Messaging, Grenada Co-operative Bank Ltd. is set to become the most secure, integrated and automated bank in Grenada with the highest levels of security, efficiency, compliance and reliability when it comes to Straight Through Processing (STP) of payments. This is after having successfully implemented Entrust IdentityGuard Multi-Factor Authentication platform, an IBIS Management partner solution, earlier this year. This means that IBIS Management Associates has now earned the trust of more than 70% of Eastern Caribbean indigenous banks as loyal clients. Grenada Co-operative Bank is the second Caribbean bank to sign for IBIS Management’s Alchemy platform within less than a week.
Grenada Co-operative bank will fully eliminate the manual processing strain from its branches and back office and significantly enhance its customer service experience related to the speed of execution of all payment types, through all channels.
The Alchemy Connect platform, which consists of a Payment Processing Suite, Global Internet Banking, Banking App and other features has been developed by banking experts at IBIS Management and implemented at various financial institutions in the Caribbean to address existing global banking automation and compliance needs in the payment arena. The solution provides real-time responses to customers, access to all information on customers’ payments, and a real-time, preventative and proactive sanction lists filter with a complete end-to-end audit trail for all transactions. Banks that have implemented Alchemy have experienced on average over 600% gain in efficiency during the first months of operation, with additional gains in the following months as an increased number of payments are processed straight through.
SWISSRoute Total Messaging,IBIS Management’s fully outsourced SWIFT gateway solution,provides banks and corporations with a cost-efficient, secure and reliable platform to initiate, process and support electronic payment messages across a wide range of settlement systems, including SWIFT, SEPA, SIC, euroSIC, SECOM, CLS, CREST, FED and Chips. Total Messaging supplies the latest formatting standards and includes the connectors, integration and plug-ins required for conversion, compliance and reconciliation, ensuring a client’s technology investment is future-proofed. It accelerates iteration cycles, increases efficiency, and reduces costs by improving straight-through processing rates through a combination of rapid on-boarding tools and message transformation capabilities.
Next to authenticating Trusted access, securing transactions and fully automating the day-to-day activities with Alchemy and SWISSRoute, these solutions also help banks improve and build strong relationships with US correspondent banks, minimizing the chance of being cast into the de-risking basket. Real-time Preventative Sanction Lists Screening on payments and customer level is a key requirement from US Correspondent banks to comply with to ensure all incoming and outgoing payments are duly checked prior to execution. This feature is built into the Alchemy platform.
About Grenada Co-operative Bank Limited
Grenada Co-operative Bank Limited constantly aspires to deliver the highest levels of service to its customers. Decades of experience coupled with a rich indigenous heritage have allowed the bank to create and tailor a wide variety of products and services to meet customers’ needs. Grenada Co-operative recognizes that when it comes to finances, a caring and understanding relationship is everything. That is why, like the bees in their logo, they work together for the benefit of all their stakeholders.
About IBIS Management Associates
IBIS Management Associates was founded in Curaçao, Dutch Caribbean, in 2000 to provide solutions, advice and manage critical projects for Financial Institutions to ensure the achievement of operational excellence. The focus is on increasing efficiencies and reducing compliance risk, while gaining profitability. IBIS Management’s reach extends from Central banks to leading commercial and retail banks and credit unions as well as corporates throughout the Caribbean, Latam and Asia.
IBIS Management’s proprietary technologies have been developed by a team of senior international banking consultants together with IBIS Management’s in-house development team with extensive knowledge in international payment processing, risk mitigation and regulatory reporting for global and multi-currency banking. With opportunities continuously evolving, IBIS Management now also extends its services in the development of Blockchain initiatives and Managing Blockchain projects for clients ready to tap into this arena.
The hallmark of the IBIS Management approach is a high degree of flexibility and innovation in delivering solutions that are specific to clients’ requirements within their jurisdiction.