Today in Mexico City, JAM met with Spot Consultoría, S.A. de C.V., the leading designer of Mexican financial institution software. The two companies have formed a strategic alliance to standardize the software being used in financial institutions across Mexico.
The financial auditing and transaction tracking software across Mexico has no standards, and are different platforms, some purchased from U.S. companies, some in-house developed, some are modules of several different products. This creates an auditing nightmare for the CNBV (Comisión Nacional Bancaria y de Valores). JAM has proposed along with the CNBV that all auditing processes in all branches of the financial industry across the nation should be standardized. The relation with the CNBV and the strategic alliance with Spot will help usher in a new age for financial auditing in Mexico.
"JAM's relation and placement with the CNBV will allow us to enter doors that were previously closed," said Enrique H. Sorcia, Director of Spot. "We will leverage our user-friendly system, with the coming tougher standards, to show the financial industry that a new day is coming."
"We love this prospect," stated Enrique Ordieres, CFO of JAM. "This is a fantastic way for us to level the playing field in the country, and to help solidify our partnership with the CNBV. This will be to Spot’s benefit too, as they will now be the preferred software in the industry."
Spot's software has the highest degree of transparency and audit capabilities, and is used in seven of the top financial institutions in Mexico. JAM is the parent company of Grupo Financiera JAM, S.A. de C.V. which includes Sin Fronteras, S.A. de C.V. a SOFIPO (U.S. styled credit union).