Banks: Electronic Check Clearing in Full Operation

Thus, the check clearing is known to be more efficient, saving time not only to banks but also to their customers. A check will be duly honored faster.

During a ceremony Thursday at the Clearing House (Port Louis Automated Clearing House) Bank of Mauritius, the last vouchers were exchanged manually, thus marking the end of the era of "physical clearing of checks." This trading system physical checks was introduced in the late 60s, the representatives of various commercial banks in the country occurring late in the day to perform the check clearing.

Taking support the evolution of technology, sophistication and changes in payment systems and the desire to move towards a "cashless society", the central bank and the MBA initiated the Cheque Truncation Project in 2007, by which system banks to conduct "scanning" checks and electronic transfer through the Clearing House of the BoM. In a first step, the Cheque Truncation System was operated simultaneously with the manual exchange of checks, that in order to ensure a smooth transition to the electronic system. After a long period of adaptation, the BoM and MBA decided that the time had come to move to the next level, where the passage today "Full Truncation System".

During the ceremony the BoM Tower, the Governor Manou Bheenick asked commercial banks to make every effort to ensure that all branches are fully committed to the system. "The payment system is a shared responsibility of the bank of Mauritius and all the participants," said Manou Bheenick. "Cheques are now history in MOST countries. We are moving to a cashless society, "he noted, adding that is walk-in the era of" plastic money ", the transfer of funds electronically.

Manou Bheenick Habib Bank congratulated for being the first commercial bank to introduce electronic clearing service in its branches. He added that when Cheque Truncation System was introduced, the number of checks that were traded daily was approximately 20,000. "The work is not finished. Future challenges will be even greater, "suggested the governor reaffirmed the banking authorities to pursue the path of modernization of the payment system in Mauritius.

Note that members of the Board of the MBA were present at the ceremony marking the end of the trading system manual checks at the headquarters of the BoM.