Business
Jamaica: Cooperative Credit Union e-payment launch aborts
It is not yet clear when the Jamaica Cooperative Credit Union League (JCCUL) will be able to roll out its new e-payment system to the public, following an order by the Bank of Jamaica (BoJ) to put the offering on hold.
A day before last night’s well attended launch at the Half-Way-Tree Transportation Center for the product – the Jamaica Credit Union e-Payment Services (JCUES), the BOJ ordered the credit union league not to proceed with the offering until the central bank has been provided with the necessary information and has completed an assessment.
The BoJ, which is responsibile for the regulation and supervision of clearing and settlement systems, charged in a press release that it has not “received, assessed or signed off on the documentation and systems supporting the services proposed to be offered via JCUES.”