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CBB: new procedures to speed up cheques clearance.

Manama: Sept. 11 -- (BNA)-- The Central Bank of Bahrain (CBB) announced the new amendments which are intended to speed up the clearing of cheques and reduce the risks of handling cheques. The new amendments will make it possible to transfer the value of cheques to the account of the beneficiary on the same day. On this occasion, Mr. Ahmed Buhijji, Director - Banking Services Directorate, said: "This step is further development in the process of speeding up the clearing of cheques. Customers who deposit cheques before 11.30 a.m. will be able to draw the proceeds at exactly 03:00 p.m. of the same day."

Mr. Buhijji clarified that the clearing of cheques is now conducted using the processing system, The Bahrain Cheque Truncation System (BCTS). "In order to ensure that the cheques are cleared on the same day, the customers of banks must have a deposit from the respective bank containing the date and time of deposit to ensure that the cheques are cleared in accordance with the system on the same day, so long as the cheque is deposited before 11:30 a.m.," he added.

Mr. Buhijji noted that, in order for the BCTS system to process the cheque electronically, it must be used in accordance with the new standards approved by the Central Bank of Bahrain. "Customers who continue to use older design cheques could experience delays in cheque clearing through the new system. Therefore, the Central Bank of Bahrain calls upon all customers to replace old cheques in order to speed up their cheques-based banking transactions," added Buhijji.

Source: .


BNA 0751 GMT 2013/09/11

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Publication:Bahrain News Agency
Geographic Code:7BAHR
Date:Sep 11, 2013
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