The electronic processing of checks shall commence on 20 January 2017.
The Philippine Clearing House Corporation (PCHC) is set to implement the clearing of checks via electronic presentment through its Check Image Clearing System (CICS). Under the CICS, only the digital images of checks and their electronic payment information will be transmitted to the paying bank, allowing a shorter turnaround time for funds to be credited to the depositors’ accounts.
According to PCHC, depositors who transact with CICS-compliant banks/branches may already withdraw on the next banking day against their validated check deposits. Meanwhile, banks that are still on paper-based check processing will continue to render the service under existing timelines.
The public is likewise encouraged to get in touch with their banks about the new system and reminded on how to properly prepare checks under the CICS.
To achieve faster transition to the new process, the BSP enjoins the remaining non-CICS-compliant banks to take necessary measures to meet the technical requirements of CICS.
The implementation of CICS forms part of the reforms espoused by the Bangko Sentral to achieve a more efficient and safe payment system as this is critical to the promotion of the country’s Financial Stability.