The Credit Union Fund Management Company (CUFMC) is a subsidiary of JCCUL and it operates under license from the Financial Services Commission (FSC). It is the facilitator of financial services to credit unions and is focused on meeting fundamental and other growth needs, including: Loans (for credit union infrastructure and on-lending and for mortgages and small business loans). It also facilitates investment and securities, repos and foreign exchange accounts.
The Centralized Strategic Services Company (CSS) is a limited liability company that was established in 2011 to provide shared professional services to Credit Unions and other organizations. The CSS provides shared services through partnerships and collaborations with other partners. These services include risk and project management, marketing and events planning, as well as enterprise-wide services such as delinquency collections management. The Company also markets a range of products and services in collaboration with its strategic partners, co-operatives and other corporate clients. This division is charged with advancing the growth and development of the Credit Union Movement through the promotion of shared services and strategic partnerships.
Quality Network Co-operative (QNET) manages the Movement’s debit card services including the JETS MultiLink Network thus facilitating debit card transactions such as ABM and point of sale transactions. It also provides an IT platform for members’ transactions for participating credit unions.
JaMobile Payment Services was established in 2015 to manage the operations and deployment of CONEC Mobile Wallet. CONEC Mobile Wallet was the first mobile wallet pioneered in Jamaica. It enabled access to funds through the use of a cell phone, without the need for a bank account. This way it helped tremendously in providing financial access to a large number of underserved Jamaicans.
With access to CONEC ordinary Jamaicans were able to do basic everyday transactions such as, send and receive money, do airtime top up for their mobile phones and pay bills using a method that is Quick, Easy and Secure. They enjoyed the convenience of being able to do transactions from anywhere – home, work, on the road – without having to find an Automated Banking Machine (ABM) or Point of Sale (POS) terminal.
Using their CONEC Business Wallet, merchants and other businesses could receive payment of goods and services, receive monies owing from debtors via the CONEC bill payment feature, pay their suppliers using the B2B funds transfer and provide cash-in/cash-out service for consumers.
The CONEC Mobile Wallet Service was discontinued in December of 2017.