Cross-network banking taking root
Published:Sunday | September 30, 2012 | 12:00 AM
CIBC FirstCaribbean Jamaica has joined First Global to offer cross-network banking to retail customers via the Internet.
But Jamaica's two biggest banks by assets and customer base are still weighing the implications, though both say they will eventually offer the facility.
FirstCaribbean Jamaica, the fourth largest of seven commercial banks, now allows customers to transfer funds from their accounts to beneficiary accounts at any other local bank via the Internet.
First Global Bank, the fifth largest which is owned by GraceKennedy Limited, first introduced the facility allowing fund transfers to the savings and chequing accounts 'at any other commercial bank in Jamaica'.
Scotiabank Jamaica and National Commercial Bank Jamaica (NCB) already allow their corporate customers to transfer funds via the Internet to any bank in Jamaica, but they do not extend the facility to retail accountholders.
However, in emailed responses to questions posed by Sunday Business, NCB Assistant Manager for Group Operations and Technology, Anne McMorris-Cover, said customers who use corporate Internet banking can transfer funds from their NCB accounts to accounts at any other local bank.
But for customers who use retail Internet banking, "this is an option that is not yet available," she said. "We are currently working on upgrading our Internet banking application and will be able to offer this functionality in the near future."
Scotiabank, responding to similar questions, said it does not offer the facility to individuals at this time, but it's part of their plans to add the service in the near future.
Cash management
At this time its personal online banking system allows transfers between Scotiabank accounts online, at ATMs or via Telescotia. However, its cash management service allows business customers to transfer funds to any other commercial bank.
Technically, retail customers are allowed limited cross-banking services via the Multilink ATM network. Accountholders, for example, can use any bank's ATM to withdraw funds from their accounts.
NCB said it has no immediate plans to allow cash funds transfer via ATMs to other banks, but Scotiabank said it "hope to offer this facility in the future".