The Jamaica Cooperative Credit Union League, JCCUL says it will comply with the Bank of Jamaica directive and not proceed with the e-Payment Services it recently announced.
The programme was expected to provide electronic payment services to members of specified credit unions. However, the Bank of Jamaica says it has not received, assessed or signed off on the documentation and systems supporting the services being proposed. In a statement issued Thursday the JCCUL said it understood the position taken by the central bank as the regulator.
However the League noted that the new service represented another in a series of electronic services already offered to members which allows them to access their accounts via the internet and mobile phones. As a result it noted that it did see the need initially to seek addition permission from the regulators. The BoJ is responsible for the regulation and supervision of clearing and settlement systems under the Payment, Clearing and Settlement Act of 2010. The BoJ had advised the Jamaica Co-operative Credit Union League- one of the main participants- of the need for an early assessment of the payment system to determine its compliance with statutory requirements.
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