Public welcomes new service standards for operation of ABMs

 

Members of the public have welcomed the move by the Bank of Jamaica to issue new service standards for the operation of Automated Banking Machines by deposit-taking institutions.

 

The guidelines, which will govern institutions regulated by the central bank, were issued on Tuesday.

 

They address the availability of cash, infrastructure maintenance and the management of service disruption.

 

ABM fees and charges, deployment of machines, fraud minimisation, safety and security of customers among other areas will also be addressed.

 

Radio Jamaica News sought reactions from some citizens in Half Way Tree, St. Andrew to the announcement. 

 

"I can appreciate that very much; like I can appreciate that 100%. I feel like persons have gotten used to the fact that on a month-end the machines are going to be crammed. That's a give-and-take, however every week the machine popping down, [and] a lot of persons don't walk with a lot of money," said one woman who welcomed the move. 

 

Other members of the public shared similar sentiments, commending the BOJ for finally stepping in to address the many issues customers face at ABMs. 

 

The financial institutions will have a nine-month transition period to conform with the guidelines.

 

But some citizens disagree with the timeline given, also arguing that financial institutions should be sanctioned for non-compliance. 

 

"Nine months to comply? I think I'd probably give them three months because they can do better, but then you have to also take into consideration with the robbery at the machines now taking place, boy, that one kinda sticky still. But nine months? Nine months too long to intervene.... We're suffering out here!" one bank customer complained. 

 

The central bank says compliance will be assessed through its review and publication of monthly reports from deposit-taking institutions.

 

It adds that no monetary sanction will be applied as a result of breaches of the guidelines; however, non-adherence may give rise to supervisory concerns around safety and soundness with the attendant supervisory consequences.

 

The BOJ will issue monthly reports on the performance of each deposit-taking institution's fleet of ABMs.

 

These reports will include the geographical distribution of ABMs, the number of machines that were installed, and the proportion of ABMs that were operational for the reporting period.

 

They must also state the up-time for operational machines over the period and the recovery time for malfunctioning machines.

 

The ABM standards have been issued at a time when, despite the increasing availability and use of electronic payment methods, a significant number of Jamaicans still rely on cash to conduct transactions.

 

Additionally, there have been numerous complaints about malfunctioning ABMs or multiple ABMs being out of cash.