Why NCB's Cross-Bank Transfers follows CIBC First Caribbean, First Global, Sagicor and Scotiabank as Mobile Money Looms

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 17^th 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:

NCB online portal

NCB webpage on Cross-Bank Transfer