Cheque Clearing System By Image Transmission From Tomorrow
KUALA
LUMPUR, June 30 (Bernama)
-- The cheque
clearing system will
be driven by the
transmission of
cheque images and
data between banks
and the clearing
house with effect
from tomorrow.
This will replace
the current physical
exchange of cheques,
Bank Negara Malaysia
said in a statement
announcing the
nationwide rollout
of the Cheque
Truncation and
Cheque Conversion
System (CTCS).
The CTCS is being
managed and operated
by Malaysian
Electronic Clearing
Corporation Sdn Bhd
(MyClear), a
wholly-owned
subsidiary of Bank
Negara which started
operations on
January 2, 2009.
According to the
central bank, the
CTCS is an
initiative in
modernising the
cheque processing
infrastructure
through the
electronification of
the cheque clearing
process and
reduction of risks
and costs associated
with paper-based
payment instruments.
Cheques continue to
be an important mode
of payment,
accounting for 91.6
percent of non-cash
payment value, it
said.
Bank Negara said
CTCS will enhance
the efficiency of
cheque clearing and
contribute towards
lowering the cost of
doing business,
thereby enhancing
the competitiveness
of businesses as
well as the overall
economy.
For consumers and
businesses, the
rollout of the CTCS
will lead to
speedier and shorter
cheque clearing
cycle, resulting in
faster availability
of funds in the
depositors'
accounts, it said.
Outstation and local
cheques in the
country will be
cleared on the same
day and funds will
be credited to the
depositors' accounts
no more than two
days later, the
central bank said.
However, in Kelantan
and Terengganu which
have different
weekend bank
holidays, cheques
deposited on Sunday
will require an
additional working
day for funds to be
made available into
the depositors'
accounts, it said.
Consumers and
businesses will also
no longer need to
pay commission fees
for outstation
cheques, it added.
With the CTCS
rollout, members of
the public are
reminded that from
September 1, 2009,
only the newly
designed cheques
conforming to the
eSPICK cheque design
standards and
specifications will
be accepted by the
banks for clearing.
Consumers are
advised to exchange
their unused old
design cheques for
the new designed
cheques with their
respective banks,
Bank Negara said.
-- BERNAMA