KINGSTON, Jamaica—Significant processing delays for substantial monetary transfers have emerged across Jamaica’s banking sector following a comprehensive upgrade to the nation’s core payment infrastructure, according to an official confirmation from the Bank of Jamaica (BOJ).
The operational disruptions originate from the banking system’s transition to a sophisticated international messaging framework designed specifically for high-value transactions, including commercial payments and real estate acquisitions. This strategic modernization initiative, which became operational on December 15, represents Jamaica’s participation in a worldwide movement toward enhancing the speed and reliability of cross-border and large-scale financial operations.
Despite long-term advantages, the immediate consequence has been substantial system interruptions. Multiple financial institutions have encountered technical challenges in promptly allocating funds to client accounts, creating considerable difficulties for both individual customers and business entities awaiting crucial financial settlements.
The central banking authority emphasized in an official communication that the national payment infrastructure itself remains fully functional, attributing current processing delays to internal system adaptations required at commercial banking institutions. The BOJ has directed affected customers to address specific concerns directly with their respective financial providers.
This technological transition was previously rescheduled from its initial November implementation target after several banking organizations cited operational preparedness challenges, compounded by disruptions from Hurricane Melissa. The extended December 15 deadline was established to ensure comprehensive participant readiness.
Central bank officials are currently collaborating with financial institutions to address the accumulated transaction backlog. “BOJ is maintaining active surveillance of the situation and continues direct coordination with payment system participants to facilitate expedited resolution,” the statement noted, while recognizing the substantial inconveniences created by deferred fund accessibility.
The Bank of Jamaica reiterated its dedication to maintaining a robust and efficient national payments ecosystem and confirmed ongoing cooperation with all relevant stakeholders to resolve outstanding operational challenges. Customers experiencing delays are recommended to obtain transaction-specific timelines directly from their banking institutions.