BOJ Requiring ABMs To Be Functional 95% of the Time

Banks are now required to ensure that at least 90 per cent of their automated banking machines, ABM, are working at least 95 per cent of the time.

That’s a key part of new service standards published on Tuesday by the Bank of Jamaica.

Chevon Campbell tells us more.

According to the Bank of Jamaica, deposit taking institutions, DTIs, have a nine-month transition period to bring themselves into conformity with the guidelines. 

Under the new rules, a DTI must have a minimum of 90 per cent of ABMs operational at any time. It must also maintain a 95 per cent uptime for operational ABMs.

An ABM must not be without cash for a period exceeding 60 minutes in urban and resort areas and 180 minutes in other areas.

The BOJ says compliance will be assessed through the BOJ’s review and publication of monthly reports from the DTIs. 

However, no monetary sanctions will be applied as a result of breaches of the guidelines. But non-adherence may give rise to supervisory concerns around safety and soundness, with the attendant supervisory consequences. 

According to the BOJ, the standards have been issued in a context where a significant number of Jamaicans still rely on cash to conduct transactions.

It’s the hope of the bank that the service-level standards will promote fairer treatment and enhanced protection for financial consumers. 

The issuing of the standards follows consultations with the DTIs.

The availability of ABM’s has been a sore point in the public, which triggered a call for action to be taken by the Bank of Jamaica by the opposition PNP.

South St. Catherine MP Fitz Jackson last year tabled a motion in Parliament calling for the central bank to set minimum service standards for ABMs.