Kingstown, Saint Vincent and the Grenadines – On February 1st, 2022 The St. Vincent Co-Operative Bank Ltd. (SVCBL) celebrated their 77th anniversary, as such they are one of the oldest indigenous institutions in St. Vincent and The Grenadines. The SVCBL has established its business over the years on being a reliable and trusted institution for savings and loans.
While these services have been at the core of the bank, new services and prospects for their future growth are on the horizon. The SVCBL is embarking on a new chapter towards full commercialization and digitization of its operation.
What does this mean for the future of the bank and its customers?
The journey to acquire a commercial banking license is no task to be taken lightly. It is a rigorous process where the bank undergoes intense reviews to assess its compliance with international banking regulation standards. Customers can look forward to an expanded service offering that includes instant payment transactions, international wire transfers, and digital banking capabilities managed through our automated payments processing platforms among many other advancements.
Now more than ever we are seeing Caribbean banking institutions taking on competitive strategies to anchor sudden shifts and opportunities in the market. With many recent takeovers, mergers and transitions, there is no doubt that banks are now eying each other more closely, making services more attractive for new customers and increasing loyalty benefits to retain the existing ones.
This has presented a great opportunity for SVCBL to swoop in and take advantage of the open market and fulfill their vision statement by 2030. “To become the leading financial institution in the Eastern Caribbean.”
With all the above-mentioned services and opportunities, comes a complete change in the banks back office and operations environment. Our Alchemy and SWISSRoute Services will be the banks main drivers for automation efficiency in end-to-end payment processing, centralized on one secure platform. Establishing a secure connection between the global market and the region, allowing for transfers to flow in and out instantly and seamlessly.
For us at IBIS Management it is a great milestone achievement to welcome SVCBL to the family. Over the last 21 years, we have had the honor to provide financial technology solutions to a great majority of countries in the OECS. With The St. Vincent Co-Operative Bank Ltd. joined as the last OECS bank to implement straight through processing, we can now proudly state that “Our OECS footprint is complete!”