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Jamaica Banking Regulation Updates: BOJ Issues New Service-Level Standards for Automated Banking Machines

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The Bank of Jamaica (BOJ) has released new service-level standards for deposit-taking institutions (DTIs) operating Automated Banking Machines (ABMs), aimed at strengthening consumer protection and enhancing the overall customer experience.

Background

According to a statement from BOJ, the new standards were issued on April 2 and DTIs have a nine-month transition period to conform to the guidelines. Compliance will be assessed through regular reports submitted by the institutions, with non-adherence potentially leading to supervisory concerns around safety and soundness.

Key Highlights of the New Standards

Availability of Cash

  • Minimum 90% availability of cash at ABMs, with a maximum time out of cash of:
    • 60 consecutive minutes in urban areas
    • 180 minutes in other areas

Infrastructure Maintenance

  • Plans to minimize downtime, with real-time notification to DTIs when machines malfunction.

Fees and Charges

  • Transparent disclosure of ABM fees and charges, including clear display of costs associated with services.

Deployment of Machines

  • Audit trails and log capabilities for investigations, reconciliation, and dispute resolution.
  • Accessibility measures for disabled persons, such as ramps at ABM locations.

Monitoring and Reporting

The BOJ will review and publish monthly reports on the performance of each DTI’s fleet of ABMs, providing transparency and accountability.

Context

The new framework is part of a broader effort to develop a more robust market conduct and consumer protection framework for the financial services sector under the Twin Peaks system of financial regulation.