Automated cheque clearance to start in October

Maldives Monetary Authority (MMA) has announced that the automated cheque clearance service would be launched in Maldives in October.

Cheques are now cleared manually taking up to three-days, automated cheque clearance systems would mean that cheques are cleared within 24 hours.

Information Officer of MMA, Mansoor Zubair spoke to “Sun” on Wednesday and said that the institution was now working on testing the system and training bank employees in time for the launch.

How it works:

Cheques that are banked before a specific time will be scanned, while the information in the cheque will be exchanged between banks using an electronic clearing house.

The cheques will be cleared and deposited to the customer’s bank account within 24 hours.

MMA has asked all the banks in the country to standardize their cheque books to prepare for the change.