BOJ refreshes payments system

BANK OF Jamaica, BOJ, is upgrading its payments platform, called JamClear, for the first time since the system was installed nine years ago in February 2009.

JamClear is the name given to the Real-Time Gross Settlement, or RTGS, system owned and operated by the central bank for realtime gross settlement of large and timecritical transactions.

BOJ said the upgrades would be done in phases at a cost of US$542,000, inclusive of hardware and software.

The platform is set up to handle electronic transactions by the commercial and merchant banks supervised by the BOJ. The features of the new system include email and other alerts; improved multi-currency functions; real-time monitoring; enhanced monetary tools support; end-to-end payment tracking; and configurable dashboards that allow users to customise the website to their specific needs. “While the system comes with all these features, it must be noted that the upgrade is being implemented on a phased basis,” the BOJ said.

JamClear-RTGS provides a settlement mechanism in which both processing and final settlement of payment instructions by participating institutions take place continuously throughout the day. In 2017, the platform recorded its highest number of transactions in a single year, 719,120, the value of which amounted to $29.2 trillion.

The first phase of the platform upgrade was completed on March 26. The project is expected to be finalised sometime this year, according to the BOJ annual report.