The COK Sodality Credit Union Limited has stepped into the future with the unveiling of its Universa core banking system, a well-timed technology—as more people utilises online banking due to the COVID-19 pandemic.

The new platform will be fully functional next February, and will be available to COK’s 270,000 members.

“Customers will now be able to make transactions and interact with the core banking system using their mobile app, internet banking portal, alert management and interactive voice banking system,” Isakalu Duffus, technical project manager at COK, said in a virtual media launch held on Wednesday at the Courtleigh Hotel in New Kingston.

“The key feature of the smart Universa system is that it takes advantage of the advancement of graphical user interface technology, which has all the functionality of a Web browser,” Duffus added.

He noted that the new core banking system will benefit customers and staff as it offers increased productivity and efficiency.

Danville Dockery, chairman of the Information and Communications Technology Committee (ICT), said: “The new Universa Core Banking Suite will allow timely and configurable notification on accounts, fast and easy transfers and a quicker turnaround time for accessing products of the credit union.”

The platform was developed by Canadian company Smart Solutions.

“We began operating on the new platform on August second,” Aloun Ndombet-Assamba, chief executive officer (CEO) of COK, said, “It has significantly improved our efficiency by making all transactions digital and reduces carbon footprint.”

Assamba noted that the new banking system was tested over two years before its launch to ensure a high level of competence by staff.

“The project stemmed from a recognition of a need to enhance our operational efficiency,” Chief Financial Officer Deryke Smith said.

He noted that information was gathered to determine the technology needed to transform the credit union.

“When you change a core banking system it’s a torturous affair that can sometimes take long and go over the time originally allotted. I therefore want to commend COK for the vision they had in making and concluding on this investment even at a time such as this,” added Dr Nigel Clarke, minister of finance and public service, who was also an invited guest at the launch event.

http://www.jamaicaobserver.com/sunday-finance/cok-officially-launches-new-banking-platform_200826