Bank of Jamaica - Guidelines for Electronic Retail Payment Services


The guidelines in this document are intended to foster the design, development and implementation of electronic retail payment systems and instruments which take advantage of available technology to provide more efficient payment services in a safe, secure and competitive environment. This document provides the operating parameters for providers of electronic retail payment services, and the Bank of Jamaica (Bank), in discharging its responsibility for oversight, will apply the guidelines to promote consistency of treatment for all electronic retail payment services (ERPS). The guidelines address the following topics:

1. Capital Requirements
2. Governance
3. Operational Requirements
4. Imposition of Limits
5. Outsourcing
6. Use of Agents
7. Consumer protection, education and privacy
8. Liquidity Requirement
9. Prudent Management of Funds
10. Operations of the Customer Account Based Payment Services
11. Operations of the Custodian Account Based Payment Services
12. Arrangements for Maintaining Custodian Account
13. Prohibitions
14. Reporting Requirements
15. Anti-Money Laundering/Counter Financing of Terrorism (CFT) Requirements
16. Existing Electronic Retail Payment Services

Document Details

Document Type: 
Document Topic: 
Doument Author (Entity): 
Authoring Country: 
Originating Country or Trade Block: 
Issue Status: 
Year of Document: 
Date of Document: 
Monday, April 1, 2013
Document Authors: 
Bank of Jamaica
Language (This Document): 

Legal Disclaimer: The content appearing on this site is for general information purposes only and made available on an "AS-IS" basis. The law is subject to change and no representation or warranty is made with regard to accuracy or fitness for a particular purpose.