BOJ to set up eKYC cross-ID system for faster opening of bank accounts
Published:Wednesday | November 19, 2025 | 12:05 AM
The Bank of Jamaica, BOJ, wants to make it easier for banks to sign up new account holders for greater financial inclusion and access to banking services.
Consequently, the central bank plans to introduce an electronic know-your-customer, or eKYC, platform to simplify account opening and reduce paperwork, leveraging the identity information already required for mobile connectivity, credit unions, and other services.
“The proposed eKYC and customer due diligence (CDD) solution envisions a centralised, secure and interoperable digital gateway that enables seamless identity verification and customer onboarding for financial service providers in Jamaica,” stated the request for proposal document issued this month by the BOJ.
“The BOJ intends to establish a National Electronic Know Your Customer (eKYC) utility as a cornerstone of Jamaica’s evolving digital financial infrastructure,” the tender stated, describing the initiative as key to enhancing competition, expanding banking access, and modernising regulatory oversight.
The platform, for which the central bank is in the process of recruiting a developer, will allow electronic fulfilment of KYC and CDD requirements through a single access point.
Bids are due by December 12.
The solution is expected to create a secure, standardised, and interoperable KYC framework that strengthens trust, promotes inclusion, and drives innovation across the financial sector.
The initiative forms part of a broader effort to digitise Jamaica’s financial infrastructure and reduce reliance on paper. While banks already allow customers to initiate onboarding through digital channels – such as branch interfaces, mobile apps and web portals – the process has to be repeated when opening accounts at different institutions.
It has led the BOJ to conclude that while the practice broadly aligns with anti-money laundering and counter-financing of terrorism principles, the existing KYC and CDD processes adopted by the banking sector in Jamaica “appear to be non-standardised, repetitive and inefficient, presenting significant challenges to both financial institutions and customers”.
Verification and authentication are currently manual, time-consuming, and costly, with no single source for validating customer information. “The overall customer experience presents opportunity for improvement, as it currently involves multiple interactions and extended turn-around times,” the banking regulator added.
The proposed platform will integrate with trusted data sources such as Tax Administration Jamaica; the Passport, Immigration and Citizenship Agency; and the Companies Office of Jamaica, providing real-time access to identity documents, civil registry data, and legal entity records. It will also conduct real-time screening against global sanctions and PEP, or ‘politically exposed persons’, lists.