by STAFF WRITER
February 15, 2022
KINGSTON, Jamaica, Feb 15, CMC – The Bank of Jamaica (BOJ) Tuesday sought to assure people that its JamClear®-Real Time Gross Settlement (RTGS) system is safe saying that it has taken note of the reports being made by customers of a bank operating here.
In a statement, the BOJ, which also functions as the island’s central bank, said that customers of Bank of Nova Scotia (BNS) had been making reports regarding the transfer of funds to unintended accounts using the new system.
“The Bank wishes to advise the public that JamClear®-RTGS is a payment and settlement system, owned and operated by Bank of Jamaica that provides the mechanism for customers to settle large value and time critical payments in the domestic financial markets.
“The JamClear®-RTGS system requires, among other things, two unique identifiers which must be provided for the execution of each transaction,” the BOJ said, adding that these unique identifiers are the account number and the bank.
“However, for BNS customers, the branch information is also mandatory. It is therefore critical that a customer ensures that the unique identifiers are accurate when providing payment instructions so that the intended recipient receives the funds.”
The BOJ said that customers should always verify the accuracy and completeness of a recipient’s account information or seek guidance from their banks regarding the use of JamClear®-RTGS to send payment instructions.