In the wake of reports on Monday (February 14) from banking customers about transfers sent to unintended Scotiabank accounts, the Bank of Jamaica (BOJ) has come out to indicate its payment and settlement system is at the centre of the issue and that customers must ensure they provide complete and accurate information when conducting transactions.

“The BOJ notes the reports from customers of Bank of Nova Scotia (BNS), regarding the transfer of funds to unintended accounts using the JamClear-Real Time Gross Settlement (RTGS) system,” the Central Bank said in a statement today.

“The Bank wishes to advise the public that JamClear-RTGS is a payment and settlement system, owned and operated by Bank of Jamaica, that provides the mechanism for customers to settle large value and time critical payments in the domestic financial markets. The JamClear-RTGS system requires, among other things, two unique identifiers which must be provided for the execution of each transaction.

“These unique identifiers are the account number and the bank. However, for BNS customers, the branch information is also mandatory. It is therefore critical that a customer ensures that the unique identifiers are accurate when providing payment instructions so that the intended recipient receives the funds. Customers should always verify the accuracy and completeness of a recipient’s account information or seek guidance from their banks regarding the use of JamClear-RTGS to send payment instructions.”

In reports yesterday, one banking customer acknowledged that after a transfer went through to the unintended Scotiabank account, she made a checks and realised that all transfer information was correct, excerpt for the branch information.”

In another case, a customer claimed that Scotiabank had indicated it could not recover the funds sent to an unintended account as the account holder had pulled the funds and closed the account.

Today the BOJ said it wished to assure the public that the JamClear-RTGS continues to operate in a safe and efficient manner.