Audrey Tugwell Henry, President of the Jamaica Bankers Association - FILE PHOTO
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The cut-off time for Jamaica based bank transfers using the RTGS system could soon be extended beyond 1:00 p.m.
The possible change comes amid calls from small business operators for a faster and more flexible banking system to support daily transactions.
President of the Jamaica Bankers Association, Audrey Tugwell Henry, disclosed on Monday that, while no timeline has been set, discussions are continuing and she is open to the adjustment.
She added that any move to extend the deadline would form part of broader efforts to improve efficiency within the financial system.
"We were very very happy to upgrade to ISO 2022," she said, adding that there had been "some challenges, initially, but they were overcome, in the main, and we are also very willing to go to a 24 hour service (but) it requires a lot of coordination around the specifications... but we are open to it."
Currently, RTGS transactions are typically processed on business days between 8am and 2:30pm for same day transfers.
Transfers initiated after these hours or on weekends are processed on the next business day.
She said the Jamaica Bankers Association is also working alongside JET, operators of multi link and the Bank of Jamaica to introduce an account-to-account transfer system similar to the Zelle platform used overseas.
This account to account transfer system is expected to be introduced at the end of 2026 for a pilot phase.
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