Bank Of Jamaica Announces New Guidelines For Electronic Retail Payment Services

KINGSTON, Jamaica, March 2, 2020 (CMC) – The Bank of Jamaica (BOJ) announced, today, the immediate withdrawal of the guidelines for Electronic Retail Payment Services (ERPS 2) for the operation of electronic retail payment services.

“Authorization to operate these services will only be granted to eligible applicants, under the Fintech Regulatory Sandbox Guidelines, which take effect 16^th March 2020,” the BOJ said, in a brief statement.

The BOJ explained that it established the Fintech Regulatory Sandbox (Sandbox) to achieve a number of public policy objectives, to provide a platform to encourage innovations in financial services, promote competition and promote financial inclusion.

In the initial phase, Regulated Entities and Fintech companies, in partnership with Deposit-Taking Institutions (DTIs), for delivery of payment services or such other financial services, will be allowed to operate in the Sandbox to promote innovation.

Upon successful experimentation and on exiting the sandbox, the sandbox entity must fully comply with the relevant legal and regulatory requirements.

The BOJ said it was calling on Payment Services Providers, which previously received authorization, under ERPS 2, to contact it “for information, related to the effect these changes may cause to their operations”.