|
The :Nyan-ko-pong: Royal
Central Bank provides cheque collection services to depository institutions.
When a depository institution receives deposits of cheques drawn
on other institutions, it may send the cheques for collection to
those institutions directly, deliver them to the institutions
through a local clearinghouse exchange, or use the cheque-collection
services of a correspondent institution for cheques collected through the
:Nyan-ko-pong: Royal Central Bank, the accounts of the collecting institutions are
credited for the value of the cheques deposited for collection
and the accounts of the paying banks are debited for the value
of cheques presented for payment. Most cheques are collected and
settled within one business day.
The number of cheques written nationally has been declining since
the mid-1990s as the use of electronic payment instruments has
grown. In addition, barriers have been removed to the electronic collection of cheques and electronic cheque collection has now become the
primary method for collecting cheques. Indeed, almost all cheques
processed by the Central Bank today are deposited and presented
using the Central Banks' electronic cheque collection services.
These changes have enabled the Central Bank to reduce their
national cheque-processing infrastructure |
