Creating a gateway to growth with timely, cost-effective SEPA services across Cyprus
Company Size
11-200
Region
- Europe
Product
- IBM Financial Transaction Manager for SEPA Services
Tech Stack
- IBM Financial Transaction Manager
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Platform as a Service (PaaS) - Connectivity Platforms
Applicable Industries
- Finance & Insurance
Applicable Functions
- Procurement
Services
- Software Design & Engineering Services
- System Integration
About The Customer
Founded in 1989 and employing 90 people, JCC Payment Systems Ltd is the leading provider of credit- and debit-card transaction processing and settlement services in Cyprus. Today, the company connects with over 20,000 card acceptance points on the island, and processes more than 85,000 transactions daily. With the adoption of the Single Euro Payments Area (SEPA) initiative gaining pace across Europe, JCC wanted to ensure that its bank and creditor customers in Cyprus could obtain the benefits of the streamlined payment process.
The Challenge
JCC Payment Systems designed an ambitious strategy to service all SEPA transactions on Cyprus. The company wanted to ensure that its bank and creditor customers in Cyprus could obtain the benefits of the streamlined payment process. After top-level discussions with banking industry leaders, it was decided that JCC would act as the central SEPA transaction hub for the whole of Cyprus. However, the company faced a tight deadline set by the European Commission to achieve its goal.
The Solution
To realize its goal within a tight deadline, JCC selected IBM Financial Transaction Manager for SEPA, and worked with experts from IBM Global Business Services to deploy the solution. As a first step, consultants from IBM Global Business Services travelled to JCC’s offices in Cyprus. After a week-long series of discussions and workshops, the IBM team worked with JCC to create a project plan, and assign roles and responsibilities to internal and external resources. Within just five months, JCC implemented the IBM Financial Transaction Manager for SEPA solution to create a central processing hub for JCC’s banks and creditors.
Operational Impact
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