⁠MP Fitz Jackson Welcomes New Service Standards for ABM

South St. Catherine Member of Parliament, MP, Fitz Jackson, is welcoming the new service standards for automated banking machines, ABM, imposed on deposit taking institutions.

The standards were published on Tuesday by the Bank of Jamaica.

Mahiri Stewart tells us more.

The Bank of Jamaica, BOJ, published the service standards on Tuesday.

The publication follows a call by Fitz Jackson in December for the BOJ to consider implementing minimum service requirements for ABM operations.

Jackson brought a motion to the House of Representatives noting that it was occasioned by increased complaints from members of the public.

The banks have nine months to conform to the standards.

As part of the guidelines, banks must implement appropriate technology to alert them when ABM reach a minimum cash level and another when they are out of cash.

The BOJ also says ABM in urban and resort areas must be replenished with cash within 60 minutes. The standard time for replenishment in other areas is 180 minutes.

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

Mr. Jackson says that’s cause for concern.

The South St. Catherine MP also says the BOJ should update the standards to reflect that customers will not incur charges for unsuccessful transactions.