News & Updates
Hermes Bank – Tempo Money Transfer agreement on strategic partnershipAUGUST 15TH 2017
Hermes Bank – Tempo Money Transfer agreement on strategic partnership
Revolutionary digital technology is changing the face of international transactions and remittances. As a leading player in the field of digital banking, Hermes Bank is proud to announce that August 14,2017 an agreement on a strategic partnership has been signed with Tempo Money Transfer, a leading European licensed payment institution based in Paris, France. TEMPO offers online, mobile and traditional money transfer services from Europe to over 88 countries across the globe.
Registered in the West Indies, Hermes Bank has major focus on Digital Banking, FinTech and e-commerce. The bank will channel payments and engage in international settlements on behalf of TEMPO around the world, including to major payment corridors like the Philippines, Bangladesh, Morocco, Sri Lanka, and Latin America. Furthermore, Hermes Bank will provide a liquidity boost to facilitate TEMPO’s own settlement operations. This will in turn, enable Tempo to make money transfer faster and more efficient
Founder, President, and member of the Tempo’s Board of Directors, Jeffrey M. Phaneuf believes that cooperation with IT and Fintech driven banks, such as Hermes Bank, shall furnish Tempo with significant new growth opportunities, as well as positively affect current company operations.
After completing the connection of Hermes Bank to the Stellar network, a distributed ledger technology that is currently used by major payment institutions and banks like the ICICI bank in India; this interface will further enhance Tempo’s quality customer service experience.
Summarizing the strategic partnership, Tempo’s Co-founder and Chief Information Officer Anthony Barker said ‘Our clients will enjoy even higher speed of transfer delivery, lower costs and improved foreign exchange rates.
There is no doubt that the liquidity boost from Hermes Bank will further TEMPO’s growth and speed up their already rapid remittances services.
Hermes Bank at “The Caribbean Dilemma” conferenceMARCH 31ST 2017
Hermes Bank at “The Caribbean Dilemma” conference
Representatives of the Hermes Bank on March 30, 2017 participated in the conference entitled ‘The Caribbean Dilemma’, which is part of the Americas Conference Series, organized by the Miami Herald and presented by the World Bank.
The Conference brought together executives, distinguished senior policy-makers, renowned economists, businesspersons and top government leaders from around the Caribbean to identify common opportunities and discuss solutions for sustained growth across the region.
St Lucia’s Prime Minister Allen Chastanet and Prime Minister Dr. Keith Mitchell of Grenada were among Caribbean panelists to take a long-term view on what are the key priorities and challenges shared by small economies and their efforts to strengthen fiscal and financial policies.
Anti-Money Laundering & Compliance Review – KPMGNOVEMBER 5TH 2016
Anti-Money Laundering & Compliance Review – KPMG
In November 2016, the Bank engaged the services of Independent Auditing Firm, KPMG to complete an in-depth review of the compliance practices of the bank. This was with a view to ensure that all aspects of our banking operation are in line with international standards and laws.
The Bank’s principal business activities comprise the provision of personalized banking and corporate financial services, including current and fixed term deposit accounts. The audit report reflected that the bank has developed internal procedures to deal with the changing Geo-Political & Economic Environment.
The review concluded that the Bank is in compliance with the provisions of the Money Laundering Prevention Act No. 8 of 2010 and amendments thereto. Their findings also confirmed our full compliance with Directive 2005/60 of the European Parliament and of the Council and Commission Directive 2006/70 - EU 3rd Directive.
All recommendations made for improvement have been fully implemented.
IBAN AdoptionJULY 14TH 2015
We are proud to announce that following our initiative, Saint Lucia has now adopted the IBAN numbering system.
The International Bank Account Number (IBAN) is an international standard for identifying bank accounts (excluding credit cards). The main purpose of the IBAN is to facilitate the automatic processing of money transfers, to improve the speed and accuracy of your payment transactions
Hermes Bank upgrades its Temenos Core Banking System to the latest releaseAPRIL 3RD 2015
Hermes Bank upgrades its Temenos Core Banking System to the latest release
In March 2015, Hermes Bank became among the first to upgrade to the latest release of Temenos T24 core banking system – R15. The new system provides many technical and functional enhancements, which will strengthen the bank's core banking operations, improve the customer banking experience, improve customer service and address market challenges of today and tomorrow.
Temenos T24 has been designed to meet the needs of modern international banking, combining industry-leading tools, open technology and the latest standards for connectivity with broad business functionality
T24 enables us to deploy and control a flexible range of multi-channel, next generation banking services for banks customers – efficiently, securely, cost effectively and profitably.
Providing the most innovative solution in the market today, T24 is the only system that can encompass both front and back office, supporting business operations in every banking sector and offering functional depth and breadth to support all operations activities in the banking business.
FATCA CompliantJULY 7TH 2014
FATCA (Foreign Account Tax Compliance Act) was passed into law in 2010 as part of the HIRE (Hiring Incentives to Restore Employment) Act. Starting from July 1st 2014, all foreign financial institutions will be required to report account information of all US Persons to the IRS. Anyone belonging to one or more of the following categories falls under the classification of a US Person:
- A citizen of the United States, including any person born in the U.S. but resident in another country, who has not renounced their U.S. citizenship
- A lawful resident of the U.S., including a U.S. green card holder
- Anyone who is residing in the U.S.
- Physical persons spending a significant number of days in the U.S. each year.
- U.S. corporations, U.S. estates and U.S. trusts.
The act also requires foreign financial institutions such as banks to report all accounts belonging to US persons to the IRS. Non-compliance will leave the foreign financial institutions subject to a 30% withholding on any US investments.
FATCA further requires US citizens with foreign financial assets above certain limits to report these assets to the IRS in their annual tax filings.
More information about FATCA and how this may impact your relationship with Hermes is available HERE
Hermes Bank initiated Saint Lucia inclusion into Bloomberg trading systemsSEPTEMBER 09TH 2013
Hermes Bank initiated Saint Lucia inclusion into Bloomberg trading systems
In order to facilitate own trading and treasury activities, Hermes Bank decided to join the biggest trading platform which unites more than 320,000 market participants in the financial world.
Hermes Bank became the first Saint Lucian Bank to get authorization from Bloomberg to trade via their platform, and thus initiated inclusion of Saint Lucia into Bloomberg trading system.
Bloomberg legal and compliance team had performed an extensive review of the country’s laws and banking charter in order to establish this capability. Upon review completion and technical setup, trading contracts via multilateral platforms were enabled and currently are valid and enforceable.
Trading Systems empowers players to manage their portfolios, execute and settle their trades, and make decisions that move the markets. Trillions of dollars pass through the systems on a daily basis.
Hermes Bank joins the Caribbean Association of BanksSEPTEMBER 03TH 2013
Hermes Bank joins the Caribbean Association of Banks
This September Hermes Bank became a Member of the Caribbean Association of Banks (CAB), a representative body that protects, promotes and strengthens the regional banking sector.
The CAB membership makes Hermes bank part of a community of banks and other regulated financial institutions in the Caribbean Region and provides premier networking platform, reliable and relevant source of information, industry-specific education and training, as well as gives an opportunity to exchange experiences and best practices with other members, discuss the most relevant issues impacting the financial services community.
Caribbean Association of Banks was formed in 1974 and currently represents forty six (46) banks and financial institutions in the Caribbean with an asset base in excess of US$31 billion, in addition to ten (10) Service members comprising regional and international technological and professional institutions and three (3) Honorary Members
Hermes Bank go live with the AUTOFORM Suite of products for T24JUNE 06TH 2013
Hermes Bank go live with the AUTOFORM Suite of products for T24
The highly successful new St Lucian bank, today went live with the AUTOFORM Product suite for their installation of T24 Model Bank. True to their ethos of ‘offering high quality services in less time’, Hermes Bank went from initial consultation to live in under 4 weeks, thanks to the great working partnership they established with EFS Technology.
Now Hermes Bank is able to bring all the advantages of the AUTOFORM product suite to their staff and customers, including full automation of complex workflows, improving the bank’s performance and quality of workflow, as well as helping to streamline their (soon to be launched) high performance internet banking service