NHT changes payment methods

Effective July 1, the National Housing Trust will make payments of amounts exceeding $5 million only by electronic transfer.

This means that all such payments will be made directly to the payee’s bank account.

The NHT says a main advantage of this change will be the elimination of the three day wait period for funds to be cleared.

Instead, payees’ funds will be available to them within 24 hours of the electronic transfer.

This new payment procedure is being implemented in keeping with a Bank of Jamaica mandate that all single payments of $5 million or more should be made electronically, through its Real Time Gross Settlement System.

The new payment procedure is of special relevance to contractors, suppliers of goods and services and persons involved in property or other transactions which require the NHT to make payments exceeding that amount.

The NHT says at a later date it may lower the threshold for sums to be paid electronically.

 

 


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