Deposit Portability Could Be A Reality Soon - BOJ  

• Individuals could soon be able to move their accounts easily from one bank to another. The Bank of Jamaica (BOJ) is actively developing strategies to make deposit portability a reality locally.
• Deposit portability will give the banked and unbanked the flexibility to shop around at the various banks to find the services that best suit their needs.
• In addition to other features, the dream is that all standing instructions, inclusive of direct debits of credit cards, will remain intact without the complicated account opening procedures or know-your-customer (KYC) hassles.
• Speaking with JIS News, Deputy BOJ Governor, Research and Economic Programming Division and Financial Stability, Robert Stennett, explained that the Central Bank is aware that the initiative is a game changer for banking in Jamaica. He noted that the Central Bank is currently working on strategies that will allow customers to close existing accounts and move their business to another bank easily.
• Stennett however noted that it will be a long-term effort as it will take a lot of time to develop the right strategies and make the necessary amendments to the law.

(Source: JIS News)