KINGSTON, Jamaica, CMC – More than a year after it applied to the Bank of Jamaica (BoJ) to operationalize its flagship strategic initiative, the Kingston-based conglomerate, JN Financial Group, says it has received approval from the central bank.
“The ONE JN Passport was conceptualized and developed to provide all members with a single means of doing business with JN by granting them easy access to all JN products and services. Anyone can easily enter into the ‘JN Family’ using this new digital process and access these services swiftly and seamlessly,” said Earl Jarrett, the chief executive officer of The Jamaica National Group.
The Group said that the decision by the BoJ follows the approval in July of a subsidiary project to enable the rollout of a new credit process that will result in significant automation of JN Bank’s loan processes to quicken decisions and disbursements tremendously, as well as strengthen credit risk management.
Approval of the ONE JN Passport permits the JN Financial Group to use the platform to serve the customers of its member companies. It establishes a single “JN identity” for customers and provides easy access to products and services across specific JN financial companies.
“This is an important milestone in our journey to leverage our energies as ‘one’ JN Group of companies. The development of the technology to support the ONE JN Passport, the design of processes and policies to inform onboarding, and other due diligence considerations were closely examined,” Jarrett said.
“Our teams worked with the BOJ to ensure complete comprehension of the initiative’s purpose and to establish that the Group is proceeding in a manner indicative of sound prudential Oversight.
“There is no precedence for a similar platform or initiative locally. It is an entirely novel way of leveraging technology to add real value and create synergies that will improve how we serve our members,” he added.
Officials say the ONE JN Passport online platform, which will be rolled out as an app available in the Google Play Store and the App Store for iOS devices, will, in addition to allowing users to submit core Know Your Customer (KYC) information, facilitate seamless and swift access to products offered by JN Bank in any currency, and unsecured loans.
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