A market leading electronic banking platform operated by The Royal Bank Scotland International (RBS International) Limited has recently recorded its 10 millionth transaction.
The payment was undertaken by the pioneering e-trading company Voice Commerce which is headed by award-winning entrepreneur Jersey resident Nick Ogden. Voice Commerce is a regulated financial services group delivering a wide range of payment service and identity and verification solutions to business clients and consumers.
Nick Ogden, who in 2010 was voted Entrepreneur of the Year at the National Business Awards, asserted:
‘Naturally it was a surprise to be told of the milestone that we played a part in. I think it’s superb that a Jersey bank has this world-class capability which, in my opinion, surpasses similar cash management systems in the UK.’
Researched and developed locally by a team of IT and banking specialists at RBS International, eQ was designed to provide customers with an innovative service through which they can consolidate and manage their banking needs online while taking more control of the managing of the accounts at their own desktop, yet within a secure, web enabled environment. Clients tend to be financial intermediaries such as trust companies, financial advisers and other corporate institutions.
Voice Commerce has customers throughout the world and, as principal members of VISA and Mastercard, the company has to make daily settlements to each on behalf of their merchants. When they signed up to eQ in 2009, the company was able to automate its remittance process, uploading multiple remittances on a daily basis and eradicating the need to type in details each time.
David Wrathmall, Finance Director, Voice Commerce added:
‘It has proved to be a far more efficient process for us, reducing the time it takes to administer our payments. One of the most positive aspects of eQ is its ability to support the multi-currency environment that we trade in. We are offering our merchants the facility to trade in 12 different currencies and we could actually offer more.’
Tim Dunn, Director of Corporate Banking Solutions, RBS International, commented:
‘We are delighted to have reached this landmark with Voice Commerce. The eQ service was first established by a team in Jersey working in association with IBM in 2000 and today we have more than 27,000 individual users in the Channel Islands, the Isle of Man and Gibraltar. The deal marks an impressive achievement for eQ, as the system continues to evolve to match the changing needs of our corporate clients around the world.’