Almost four years after acquiring Phoenix International Core Banking System, local technology solutions provider MC Systems launched the latest upgrade of the banking system, known as Phoenix i2025.

The company, a subsidiary of the Jamaica National Group, unveiled the new platform at the Jamaica National Group headquarters on Oxford Road in St Andrew on Wednesday, January 29

In a release, the technology outfit explained that the revamp of the banking solution was necessary given the rising importance of banking and financial services as the Government of Jamaica and financial institutions pursue the mission of financial inclusion. According to the company, the i2025 version of the Phoenix system lays the groundwork for future enhancements that empower financial institutions to operate more efficiently, reduce overhead costs, and focus on their core business of serving their customers.

“We believe that technology should empower financial inclusion and drive fintech (financial technology) adoption in emerging markets. By modernising the technology stack, we are enabling financial institutions of all sizes to improve their operational efficiency and reduce costs significantly,” Dwayne Russel, managing director of MCS Group, is quoted in the release.

“This allows them to invest more in customer-centric initiatives and ultimately offer more competitive and affordable financial services,” he explained further.

Through Phoenix International, MC Systems provides core banking and value-added services to customers in Jamaica, The Bahamas, the Cayman Islands, Antigua and Barbuda, South Africa, Namibia, the United Kingdom and the United States of America. The system enables financial institutions “to scale quickly, sustainably, and affordably while satisfying regulatory requirements.

The launch of i2025 is therefore timely and marks a significant milestone for MC Systems and the financial institutions it serves as the Bank of Jamaica and the Financial Services Commission strengthen their monitoring of players’ operations in terms of both customer service and compliance.

In this regard, Russell noted, “It reinforces our unwavering commitment to empowering financial institutions to operate at the highest standards, ensuring your customers feel confident and secure every step of the way.”

Adding to this, the MCS Group managing director said the company concedes that it is important to make continuous improvements and adaptations to the platform, which serves as a robust and reliable foundation for core banking systems, as the needs of the financial sector change. In this regard, he invited financial institutions to provide feedback to enhance the Phoenix i2025.

“Ultimately our goal is to deliver value for our customers’ customers. We want to empower our clients to achieve to provide exceptional service and innovative solutions to their own clientele,” Russell noted.

With Phoenix i2025, he believes that banks and other financial institutions can help “their clients make better financial decisions and improve their financial literacy”, and can better serve the unbanked and underbanked populations within the markets where it is offered.

While acknowledging the barriers to accessing reliable financial services that individuals face, Russell said the revamped platform brings institutions closer to achieving financial inclusion, thus positively impacting the wider economy.