JCC Payment Systems Ltd

Description:

During the late 80’s the two largest banks in Cyprus, the Bank of Cyprus and the Cyprus Popular Bank, conducted several studies on market conditions and profitability regarding various inter-banking services. The general conclusion of these studies indicated that the majority of merchants making up the marketplace were small and of a relatively a short life-cycle, hence did not provide lucrative business opportunities for multiple processors of inter-banking activities. The need for a single, common and efficient processor was clear. JCC Payment Systems Ltd. (JCC) came to life in 1990 as a common platform for these two banks, through which inter-banking services and credit card payment processing could be provided to merchants. Since then, several other financial institutions in Cyprus have become members of JCC and shareholders roughly according to the size of their market share (a list of these can be seen at our member banks section). The company is currently made up of a staff of 62 that is headed by a general manager, who in turn reports to a board of directors.