Cross-Bank transfers are now spreading among
Jamaica's local banks like a very good infection.
This as NCB
(National Commercial Bank) has become the latest bank to join this trend as
reported in the article “NCB
introduces Cross Bank Transfer”, published Tuesday January 19, 2016, RJR
News online.
I must say that this announcement, albeit important,
is woefully lacking in details unlike ScotiaBank’s decision to introduce
Cross-Banks transfers as reported in my blog article
entitled “Why
ScotiaBank is introducing Cross-Banking Transfers – Supreme Ventures Mobile
Money on the horizon”.
No details have been given save for the fact that
transfers can be executed within 24 hours. Strangely, this news story isn't
being carried by either the Jamaica Gleaner or the Jamaica Observer as they
don’t do free advertising.
In fact, the most details I've receive have come via
an email sent from NCB and even that didn't
tell you the transfers limits and cost per transfer. Being as I'm a customer,
sending me the details of how I can perform cross-bank transfers seemed
logical, so I decided to use this as the source of my article.
NCB
finally joins Sagicor, Scotia, CIBC First Caribbean and First Global
According to my email from NCB that I received Sunday January 17th
2016, you apparently can do cross-banking transfers from your NCB online portal as well as at the bank.
It'll also save you time as there will be no need to visit the branch or wait
in long lines.
Finally it seems, the initiative spearheaded by the
pioneer CIBC First Caribbean and First Global, who had introduced Cross-bank
transfers back in September 2012 as reported in my blog article
entitled “CIBC
First Caribbean Jamaica and First Global introduce Cross-Network Banking - The
Avengers for the idea of a Cashless Society and Banking Anywhere” is catching on with the other local banks.
I soon checked the NCB Website in my email and
discovered that they had NCB
webpage on Cross-Bank Transfer. As expected, you can only do cross-bank
transfers in Jamaican currency for now, albeit transfers in US Currency may be
coming in the pipeline.
The Transactions limits are as follows:
1.
JA$120,000.00 per day
2.
JA$360,000.00 per week
3.
JA$840,000.00 per
month
NCB charges a small fee depending on when gather
transfer takes place as follows:
1. JA$173
+ GCT once initiated before 2:30 pm
2. JA$17.17
+ GCT once initiated after 2:30 pm
Transactions initiated before 2:30 pm are called
RTGS (Real time Gross Settlement) and are done immediately. Transactions
initiated after 2:30 pm are done via an ACH (Automated Clearing House) and are
processed the next business day, with the customer being credited with cash
within 24 hours.
How
to make Cross Bank Transfers
Simply put, if you do a transaction on a Friday
after 2:30 pm, it’ll go though by Monday, the next business day, but you'll be
credited with the cash for usage.
Cross-bank transfers are a lot safer than cash
transactions and faster than cheques occurring within 24 hours once executed
before the cut-off time. You can also see your real-time account balances after
every transfer listed for you in detail.
Since nobody goes to the bank anymore, here's the
procedure to do cross-banking transfers:
Log into your NCB
online portal and click on any of the following links to begin conducting
your transfers
Under Quick Links
An option under Transfer Funds
A hyperlink under International Wire Transfers
Mobile
Banking with Mobile Money on the horizon – 2016 the Year of Mobile Money
Then again, the convenience of Cross Bank transfers
suggests that NCB Online Banking may be a precursor for a push into Mobile
Money as long prophesied in my blog article
entitled “Why
NCB dropping Remittance Agent MoneyGram means Mobile Money, Remittance by
September 2014”.
More importantly, this latest development heralds
the coming of Mobile Money, as this creates the possibility for any business
person to pay for goods. This means bank-to-bank transfers via your Banking App,
effectively an initial form of Mobile Money, will soon be possible!
So they'll be joining Gracekennedy and Digicel, who
have purchased Paymaster to launch Mobile Money sometime later in 2016 as
prophesied in my blog
article entitled “Why
Digicel's purchase of Paymaster means Mobile Money is launching in 2016”.
Supreme Ventures has also announced plans for Mobile
Money in 2016 with a recent upgrade of their gaming platform to the IFLEX
Betting Platform as announced in October 2015 in my blog article
entitled “IFLEX-Betting-Platform-Upgrade.html
Supreme Ventures Limited IFLEX Betting Platform Upgrade - How Mobile Gambling
via Smartphone” is finally coming to Jamaica.
If they all do, then in Jamaica, we can declare 2016
the year of Mobile Money. Very exciting times indeed in Jamaica, as the
Unbanked will go Cashless in 2016!
Here’s the link:
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