J.E.T.S Limited is an electronic banking service company utilizing a shared electronic transaction switching network to provide convenient services to customers of participating institutions. The company is a co-operative venture among several of Jamaica’s leading financial institutions and provides the Jamaican Financial Services industry and customers with a new service platform in the electronic arena.

J.E.T.S. is committed to making financial exchanges easier, more convenient and faster. The MultiLink Network allows customers of Members to save time which may have been otherwise wasted when conducting a financial transaction.

J.E.T.S. main business goals are to :

• Create an infrastructure which forms the basis for future shared electronic service offerings;
• Develop and maintain a high level of electronic financial services to Members;
  Improve Member customer convenience;
• Reduce transaction processing costs;
• Develop common promotional and educational programmes for Members and their Customers.

Member Institutions

J.E.T.S Limited is composed of seven (7) financial institutions :

Four Commercial Banks 

FirstCaribbean International Bank, Jamaica Ltd.  

National Commercial Bank, Jamaica Ltd         

RBTT Bank, Jamaica Ltd. 

The Bank of Nova Scotia, Jamaica Ltd.

Two Building Societies

Jamaica National Building Society         The Victoria Mutual Building Society

Credit Unions across Jamaica represented by

The Jamaica Cooperative Credit Union League.

These Members have pooled their resources to create the electronic transaction switching network. The network is the platform which will support a suite of new financial services, serving more customers by inter connecting many separate devices.

As a Member of J.E.T.S., each institution has equal representation on the Board of Directors and J.E.T.S. Working Committees. The committees have the responsibility of advising J.E.T.S. in the areas of Technology, Operations and Marketing.

The company is operated by a Management team consisting of support Technical, Operations and Administrative personnel.

Shared Network Concepts
Advances in computer technology over the last 4 decades have lead to the automation of most transaction functions of banking and commerce. Of these, among the most significant has been the Automated Banking Machine (ABM) .

ABMs serve as mini banks that are open 24 hours a day, 7 days a week, allowing customers access to cash when they need it and to move money between accounts with electronic ease. Business hours have therefore extended well beyond regular banking hours, giving customers convenient and immediate access to their money day or night.

Electronic banking however, has high associated costs for installation and maintenance of ABMs, POS systems and the Networks which supports them. Individual financial institutions would need to purchase, install and operate their own devices, allowing access only to their immediate customers.
One solution to high infrastructure costs is a shared network. This reduces the average cost of terminal installation, increases terminal availability to customers, is more convenient and productive, and thereby achieves greater economies of scale which would have been impossible for any one institution.

J.E.T.S. has established a shared network which is an electronic switch connecting each Member Institution via secured telecommunications lines enables the customers of member institutions to use their ABM cards on the MultiLink Network .

The MultiLink NETWORK

The topology of the MultiLink Network is based on Hub and Spoke principle. This utilizes a Central HUB processor connected to the individual Member sites.

Security & Reliability
Extreme prudence was taken to ensure that information stored or traveling on the network is not compromised by unauthorized access. International standards for data exchange security, inclusive of data encryption on a multitude of stages, have been utilized.
J.E.T.S. has ensured that the main system provides High Availability and Fault Tolerance which can sustain processor losses and maintain operations due to power outages. Two back-up computer systems, back-up telecommunications lines and back-up power supplies are installed to ensure the network is available 24 hours per day, 7 days a week.

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Copyright © 2001-2004 J.E.T.S Limited
Last modified: Sunday, July 25, 2004 06:07 AM