Regulatory Alerts2020-01-01
RPJL ACH Rules Section A – Paper Items (Amended July 2020)
Retail Payments Jamaica Limited issues these rules to govern the clearing, settlement, and operational standards for paper payment items processed through Jamaica’s Automated Clearing House. The document mandates compliance for all licensed deposit-taking institutions by detailing acceptable item criteria, MICR encoding standards, endorsement requirements, and procedures for handling returns, disputes, and arbitration. It synchronizes bank customer hold periods to a three-day recourse window, establishes penalty schedules for non-compliance, and outlines physical exchange protocols and foreign currency settlement mechanisms for member banks.
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