Productive Business Solutions Limited (PBS) is on a mission to revolutionize the security of automated banking machines (ABMs) in Jamaica by introducing the Intelligent Bank Note Neutralisation System (IBNS) technology. This system, which uses a special type of security ink to render stolen banknotes useless, is currently not in use in Jamaica. However, PBS wants to change that by becoming the first in the country to implement this cutting-edge security solution.
According to PBS General Manager Vennis Williamson, the IBNS technology has proven to be highly effective in reducing ABM theft rates by 80-90% in countries where it is already deployed. The system works by staining banknotes with a special ink that cannot be washed out, making the cash worthless to criminals who steal ABMs. Only the legal owner of the cash, the Bank of Jamaica (BOJ), would have the authority to exchange or authorize exchange of the neutralized banknotes.
This technology is not only a game-changer in terms of security but also helps to maintain a higher level of public trust in financial institutions. With the recent surge in physical attacks on ABMs in Jamaica, the IBNS system could provide a much-needed layer of protection for customer funds and deter criminals from targeting ABMs.
PBS is currently in discussions with stakeholders in the financial industry, including regulators, ABM service providers, financial institutions, and the Jamaica Bankers’ Association, to secure the necessary approvals and support for implementing the IBNS technology. The company is also working closely with its partner NCR Atleos, an international financial solutions company, to ensure a seamless rollout of the security solution.
If given the green light, the implementation of the IBNS security solution in Jamaica could have a positive impact on PBS’s operations and solidify its position as a leader in the ABM service provider space. The company is prepared to pioneer this innovative technology and continue to bring cutting-edge solutions to the market.
In conclusion, the introduction of the IBNS technology in Jamaica represents a significant step towards enhancing the security of ABMs and safeguarding customer funds. PBS’s proactive approach to implementing this advanced security solution highlights their commitment to innovation and leadership in the financial services industry.
