To facilitate the structured introduction of Payment Service Providers (PSPs) and payment products, the Bank is committed to the development of an enabling legislative framework to drive innovation in payment services while reducing risk, protecting consumers as well as promote financial inclusion. The implementation of a legislative framework for PSPs is congruent with adhering to standards for Anti-Money Laundering/Counter-Financing of Terrorism and combating Proliferation Financing (AML/CFT/PF).
In this regard, the Guidelines for Electronic Retail Payment Services (ERPS 2), previously issued in 2019 to foster the design, development and implementation of electronic retail payment systems, were withdrawn in March 2020. ERPS 2 was replaced with the Bank of Jamaica Fintech Regulatory Sandbox Guidelines to create an enabling environment in which authorised Entities, may test innovative financial products and services.
Authorised Payment Service Providers
The existing authorised Payment Service Providers are:
- Alliance Financial Services Limited (Revoked)
- National Commercial Bank Jamaica Limited
- Sagicor Bank Jamaica Limited
The following table provides the current listing of the products and services that these entities are authorised to offer:
Payment Service Providers | Product Name | Authorised Services |
---|---|---|
Alliance Financial Services Limited (Revoked) | ePay | • Cash-in; • Cash-Out; • Person to Person funds transfer; • Payment for good and services at POS; • Student Card Operations; • Path Programme Benefits; • Loyalty Programmes; • Fuel Card; • View transactions via online web portal; and • Co-branding. |
National Commercial Bank | NCB Quisk Mobile Money | • Cash-in; • Cash-Out; • Person to Person funds transfer; • Payment for good and services at POS; • Bill Payment; • View transactions via online web portal; and • Account balance inquiry via SMS. |
Sagicor Bank Jamaica Limited | Sagicor MyCash | • Cash-in; • Cash-Out; • Person to Person funds transfer; • Payment for good and services at POS; • Mobile top-up; and • Bill payment. |
The table below provides the current listing of agents for each Payment Service Provider.
Effective 3 December 2021, payment services on behalf of Alliance Financial Services Limited are no longer available at the locations listed below.
wdt_ID | PAYMENT SERVICE PROVIDER | AGENT NAME | AGENT LOCATION | PARISH |
---|---|---|---|---|
1 | ALLIANCE FINANCIAL SERVICES LIMITED | A & I CO LTD | 23 SEVENS ROAD, MAY PEN | CLARENDON |
2 | ALLIANCE FINANCIAL SERVICES LIMITED | A & I CO LTD | 6 MANCHESTER ROAD, MANDEVILLE | MANCHESTER |
3 | ALLIANCE FINANCIAL SERVICES LIMITED | ALLIANCE FINANCIAL SERVICES LIMITED | SHOP 8A LIGUANEA PLAZA, 134 OLD HOPE ROAD, KINGSTON 6 | KINGSTON & ST. ANDREW |
4 | ALLIANCE FINANCIAL SERVICES LIMITED | ALLIANCE FINANCIAL SERVICES LIMITED | 7 BELMONT ROAD | KINGSTON & ST. ANDREW |
5 | ALLIANCE FINANCIAL SERVICES LIMITED | ALLIANCE FINANCIAL SERVICES LIMITED | 1 - 3 MANCHESTER ROAD, MAY PEN, | CLARENDON |
6 | ALLIANCE FINANCIAL SERVICES LIMITED | ALLIANCE FINANCIAL SERVICES LIMITED | 1 MANCHESTER RD, MANDEVILLE | MANCHESTER |
7 | ALLIANCE FINANCIAL SERVICES LIMITED | ALLIANCE FINANCIAL SERVICES LIMITED | SHOP #3B PORTMORE MALL, PORTMORE, | ST. CATHERINE |
8 | ALLIANCE FINANCIAL SERVICES LIMITED | ALLIANCE FINANCIAL SERVICES LIMITED | 97 MAIN STREET, SANTA CRUZ, ST. ELIZABETH | ST. ELIZABETH |
9 | ALLIANCE FINANCIAL SERVICES LIMITED | ALLIANCE FINANCIAL SERVICES LIMITED | 12 ALTAMONT CRESCENT | KINGSTON & ST. ANDREW |
10 | ALLIANCE FINANCIAL SERVICES LIMITED | AMERCANA ENTERPRISES (1999) | SHOP 3A TAJMAHAL SHOPPING CENTRE, 4 MAIN STREET, OCHO RIOS, | ST. ANN |
AGENT NAME | PARISH |