4th Growth and Resilience Dialogue with Social Partners Presentation

Evolution of Payment Systems in Jamaica Major Milestones

Customer Inquiry and Funds Transfer System (CIFTS) was developed by the BOJ in the early 1990s. 1997, MultiLink™ was implemented as the retail payment system for domestic debit cards. 1998, Quality Network (Qnet) was implemented, and is a subsidiary of the Jamaica Co-operative Credit Union League (JCCUL). 2002, the Automated Clearing House (ACH) was implemented, it is owned by the commercial banks and is operated by J.E.T.S. Limited under a management contract with Automated Payments Limited (APL). 2003 Commencement of reform programme: NPC established; Oversight function initiated. 2009 JamClear®-RTGS was implemented as Jamaica’s main interbank and large value fund transfer system owned and operated by the BOJ. May 2009, JamClear®-CSD was implemented and replaced the paper-based issuance of Government of Jamaica and BOJ fixed income securities. 2010, the Payments Clearing and Settlement Act (PCSA) was passed, providing BOJ with responsibility for the regulation, supervision and monitoring of clearing and settlement systems. In 2010, the Government Securities Dematerialization Act (GSDA) was passed and provides the basis for appointing the BOJ as the official registrar of all domestic issues of GOJ Securities. The GSDA was repealed and replaced (2012) by the Public Debt Management Act (PDMA). 2012, Guidelines for Electronic Retail Payment Services (ERPS), was published to facilitate new entrants and products to the sector. Amendments, ERPS2 were published in 2018. 2017 The National Financial Inclusion Strategy (NFIS) was launched. The NFIS has four key pillars of Financial Access and Usage; Financial Resilience; Financing for Growth; and Responsible Finance.