The Jamaica Bankers Association (JBA) is looking at the implementation of an instant payment system that will allow for the transfer of funds in near real time from one bank to another bank, regardless of the hour of the day.
This was disclosed by Deputy Governor of the Bank of Jamaica (BOJ) with responsibility for the Financial Institutions Supervisory Division, Dr. Jide Lewis, during the sitting of the Standing Finance Committee on Tuesday (December 10) at Gordon House.
He was responding to a concern raised by Member of Parliament for North Central St. Andrew, Karl Samuda, that most banks do not permit funds to be transferred to another bank after certain hours.
Dr. Lewis noted that the BOJ has been in discussion with the JBA on the issue.
“It is still at the proposal phase. I’m sure they [JBA] could be invited to make representation on their initiative and their intentions… to address that particular concern of funds not settling on the same day when it’s being transferred from one retail bank to the other retail bank,” he said.
“So, that’s something that has been discussed. I believe there is broad support for it across the banking sector and I believe they’re in a position to give a fulsome update as to where they are on that matter,” he added.