Bankers welcome PCHC’s digital clearing system

While there may be no direct evidence to prove that respondent actually committed the offenses charged, there was substantial proof of the existence of the irregularities committed by him.

The Cebu Bankers Club welcomed the Philippine Checking House Corp.’s (PCHC) implementation of the digital clearing system, which started yesterday.

The digital clearing system allows one working day processing of checks, from the three to five days practice.

Maximo Rey Eleccion, CBC past president, said the implementation of the Check Clearing Imaging System (CCIS) will provide more liquidity to the banking public.

“The CICS implementation is favorable to the banking public, it provides more liquidity as funds would be available 3 p.m. the following day, unlike the usual three to five banking days,” Eleccion said in a text message.

PCHC said the new system will use checks with enhanced security features.

“It is suggested that checking account customers inquire from their bank how the new design checks can be acquired,” said PCHC.

For banks or branches that are still on paper-based check pro- cessing, they will still have to render the service under the existing timeline of three to five days.

Checks using the old format will be accepted until June 30, according to PCHC.

Globally, CICS is proven effective and are adopted by most countries. Denmark and Belgium were the pioneers, having started in the 1980s. Other countries such as New Zealand, Australia, USA, Singapore, Spain, Hong Kong, Malaysia and other countries followed suit.