Media
Releases
09.13.2016 [ www.bsp.gov.ph ]
The Monetary
Board (MB) has approved the adoption of the electronic clearing of checks which
shall be implemented beginning 20 January 2017.
As
BSP-designated exclusive provider of electronic check clearing services, the
Philippine Clearing House Corporation (PCHC) shall implement the clearing of
checks via electronic presentment through its Check Image Clearing System (CICS).
Using the
PCHC’s CICS, only the digital images of checks and their electronic payment
information are needed to be transmitted to the paying bank. The previous
clearing system requires the physical delivery of checks.
The new
check clearing process is expected to speed up the crediting of funds to
depositors’ account from three to five banking days to only one banking day.
Aside from
promoting financial consumer welfare, this reform initiative enhances the
efficiency of the domestic payment system and promotes the faster movement of
goods and services in the country.
The BSP
recognizes the importance of check clearing to the domestic payment system.
Thus, under a memorandum of agreement between BSP and PCHC, the central bank
will take a more active role in supervising the country’s check clearing system
by reviewing PCHC regulations as well as examining PCHC arrangements, processes
and systems for check clearing.
To ensure
the smooth implementation of this new process, the BSP enjoins banks to actively
participate in the preparations for electronic check clearing.
The BSP is
pursuing reforms to enhance the efficiency of the payment system as this is
critical to the promotion of the country’s Financial Stability.
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