Members receiving funds via wire transfers now experience faster transaction processing. This follows the implementation of a new system to immediately settle payments, once all the necessary and correct information have been provided to the bank and the proper standards met.
Recipients will only face delays in accessing funds if monies wired to them were conducted or received:
- On a weekend or a holiday (Payments made on these days will be settled on the next business day)
- After the cut-off time of 3:00 pm each business day (These transactions will be settled on the next business day)
Transactions on which the sender made an error or did not provide important information to complete the transaction, will also cause delays in payment.
The improvement in the turnaround in payments is one of many efficiencies members can expect to come on stream in 2020 to enhance their experience and satisfaction with JN Bank.