Thursday 28 May, 2020

BOJ waives digital transfer fees for another month

The Bank of Jamaica (BOJ) has further extended its suspension of transaction fees associated with all customer payment transactions (Single and Multiple Customer Credit transfers) through JamClear®-RTGS, a payments platform operated by the BOJ.

Initially set to end on March 31, the extension is for one full month until April 30.

The BOJ said the extension, in support of electronic payment, is in response to the COVID-19 (coronavirus) pandemic and the associated restrictions in movement by the public.

The BOJ will advise of any changes to this arrangement at the end of the period.

Banks and other affected institutions are expected to pass on the benefit. 

The central bank said it expects that the customers of participating institutions will benefit from this incentive.

RTGS payments are transferred to accounts in a few minutes or up to 24 hours, according to the bank involved. Charges differ among institutions.

In 2019, JamClear®–RTGS, as indicated in the BOJ’s annual report for the year,  processed just over one billion transactions  (USD and JMD).

Growth in the JMD volume was largely attributed to an increase in participant payments on behalf of household and corporate clients.

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