KINGSTON, Jamaica — In response to ongoing operational difficulties within the nation’s financial infrastructure, the Bank of Jamaica (BOJ) has instituted a temporary relief measure for banking institutions. Effective December 15 through December 31, 2025, the central bank will suspend penalty fees for specific high-value Automated Clearing House (ACH) transactions.
The regulatory decision comes as multiple deposit-taking institutions (DTIs) continue experiencing technical complications following Jamaica’s transition to the ISO 20022 (MX) standard payment messaging system. This modernization initiative, which replaced the previous Swift Message Type (MT) framework, has created unforeseen delays in processing Real Time Gross Settlement (RTGS) payments and account transfers.
Under the temporary waiver, transactions meeting or exceeding the J$1 million threshold will be exempt from the standard J$5,000 penalty typically imposed by the central bank. This intervention aims to maintain financial fluidity while DTIs address persistent operational hurdles associated with the new payment protocol.
The BOJ clarified that this exemption applies exclusively to penalties administered by the central bank and does not extend to transaction fees levied by individual financial institutions. DTIs retain autonomy over their respective fee structures throughout the waiver period.
Central bank officials characterized this measure as a transitional accommodation designed to support financial institutions during their adaptation to the enhanced payment ecosystem. The BOJ emphasized its commitment to maintaining payment system stability while acknowledging the technical complexities inherent in large-scale financial infrastructure upgrades.