JNBS partners with Citibank
Jamaica National Building Society (JNBS) has forged a partnership with Citibank to facilitate funds transfers and pension payments for clients who have been affected by the fallout of correspondent relations with its banker in the United Kingdom.
The move comes among a raft of new measures the building society has taken to ensure continuity of pensions payments and other funds transfers for clients in Jamaica whose transfers from third-party entities are funnelled to their JNBS accounts.
Both JNBS and Victoria Mutual building Society (VBMS) have substantial operations in the UK.
However, correspondent banking arrangements with their UK partner come to an end following the bank's decision to terminate its relationship with financial institutions in the Caribbean and Latin American regions a few months ago.
International banks overseas have been shedding relationships with regional banks as a de-risking strategy amid money- laundering concerns.
Citibank will facilitate continued services to JN members who receive pensions from the UK using the Society's Pension Expediter Service, JNBS said in a media release.
"This new relationship will enable us to ensure that our members continue to enjoy the convenience of receiving their pension payments directly to their JNBS account and in the currency of their choice," said Paulette Simpson of JNBS' corporate affairs and public policy office in the UK.
Clients will however need to provide new instructions to their UK pension providers via an instruction form provided by JNBS.
"As soon as we receive the form, we will send it to the members' UK pension provider and follow up on their behalf," Simpson said.
JNBS clients have the option of electronic transfer of funds to a designated JNBS account in the UK, which will be further credited to a JNBS account in Jamaica. Members may send funds using the company's money-transfer entity or have wire transfers done via the SWIFT network, JNBS said. Standing orders will also be accommodated.