Cheque Clearance in Half Day

Yes!!! Starting from August, Malaysians will not have to wait several days for cheques to clear anymore. Thanks to Bank Negara whom will be directing all banks to comply with the paperless Cheque Truncation and Conversion System (CTCS), cheques will be cleared within half day upon banking in either at a bank counter or self-service kiosk.

CTCS is expected to be in full operation by early next year.

I think this is a beneficial move to all Malaysians especially businesswoman like me ^^. However, i think everything will have their pro & con list. It is just whether more pros or more cons.
Pro: We get our payment faster. Con: We lose our money faster. ><

How does it works?
With it, the cheques are scanned and images are transmitted into a bank's system. Bank personnel will verify the cheques on computer terminals.

The images of the verified cheques will then be transmitted to Bank Negara, and they will be cleared within 12 hours, said Tan, who spoke at the Bank Tech Asia 2007 conference here.

"If the cheque is deposited after banking hours, it will be cleared by 2pm the next day."
Images of the cleared cheques will also be stored in a central image archive operated by Bank Negara.

Tan said the system is already being used in the United States.

Disclaimer: Sources from The Star Online. View full article here.

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