Instant payment system being considered to allow real-time bank transfers

 

The Jamaica Bankers Association is considering the implementation of an instant payment system, which will allow for the transfer of funds in near real-time between banks, regardless of the hour of the day.

 

This was disclosed by Deputy Governor of the Bank of Jamaica, Dr. Jide Lewis, during the sitting of the Standing Finance Committee in Parliament on Tuesday.

 

Dr. Lewis said the BOJ has been in discussion with the JBA on the initiative. 

 

"It is still at the proposal phase. I'm sure they could be invited to make representation on their initiative and their intensions. But that, I think, would address that partiicular concern of funds not settling on the same day when it is transferred from one retail bank to the other retail bank," he said, adding that there appears to be broad support for the move across the banking sector. 

 

He was responding to concerns 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 in real or near real-time after certain hours.