Credit union league to offer shared services
LOCAL credit unions stand to benefit from higher profit margins through a newly operational subsidiary of the Jamaica Co-operative Credit Union League (JCCUL) with a mission to drive down operational costs across the industry.
Centralized Strategic Services (CSS) was formed by the JCCUL in June 2011 to provide shared professional services to members of the League. CSS, which became operational this year, will offer professional outsourcing services to businesses at affordable rates, said Heston Hutton, who has been appointed managing director of the company.
“This is an opportunity for businesses to shrink that back office and focus their attention on the front office, which is where they need to drive their businesses,” said Hutton.
CSS is one of three subsidiaries which was formed by the JCCUL to provide shared services to members. The others are Credit Union Fund Management (CUFM), which will operate as the financial arm of the League and QNET, which has been set up to provide technological support to the Group.
Hutton is a former assistant general manager for strategic development at the JCCUL. He has been credited for conceptualising and successfully leading the implementation of various E-Payment infrastructures at the JCCUL to support a suite of new service channels, such as Internet and mobile banking.
A seasoned business development professional with 25 years’ experience in the financial industry, Hutton has specialised knowledge in retail banking, electronic banking and card operations.
Among his outstanding achievements has been, spearheading the development of National Strategic Plans for the more than 40 credit unions in Jamaica, with a customer base of one million members; conceptualising and implementing several firsts, such as Jamaica’s first Stored Value Card, Multi-Currency Ledger System, Electronic Pin, Drive-thru and Mobile POS, On-line Credit Scoring, Shared ABM Services and Mobile E-Payment Gateway, said a press release.
“I look forward to working with the dedicated team of professionals at CSS to roll out another first for Jamaica; with this new business model we will offer world-class professional services to organizations at affordable rates, which will reduce overhead costs and facilitate their growth and sustainability,” said Hutton.