The Bank of Jamaica (BOJ) is reporting that it has temporarily waived the penalty charged to deposit-taking institutions for using the Automated Clearing House (ACH) platform to facilitate transactions over $1 million, arising from ongoing issues with the real-time gross transfers (RTGS) system.
In a media release Tuesday, the Bank of Jamaica said some deposits taking institutions are still experiencing challenges, crediting RTGS payments following the recent migration to the ISO standard on December 15.
To ease the impact, the BOJ will temporarily waive the $5,000 penalty on ACH transactions of over $1 million.
The waiver will run from Monday, December 15 to Wednesday, December 31.
In that regard, transactions exceeding the ACH threshold may be conducted during this period via the ACH without attracting a penalty.
The central bank is advising that ACH transaction fees charged by deposit-taking institutions remain in effect.
comments powered by Disqus
All feeds
