Bank of Jamaica notes the reports from customers of Bank of Nova Scotia (BNS), regarding the transfer of funds to unintended accounts using the JamClear®-Real Time Gross Settlement (RTGS) 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. 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. 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.
Bank of Jamaica wishes to assure the public that the JamClear®-RTGS continues to operate in a safe and efficient manner.
