Bank Negara has announced the nationwide rollout of the cheque truncation and cheque conversion system (CTCS) with effect from today. With the rollout, the cheque clearing system in Malaysia will be driven by the transmission of cheque images and data between banks and the clearing house compared with the current physical exchange of cheques.
In a statement yesterday, the central bank said the CTCS system was now managed and operated by Malaysian Electronic Clearing Corp Sdn Bhd (MyClear). MyClear is a wholly-owned subsidiary of Bank Negara that commence operations on Jan 2.
Bank Negara also said that from September 1, only the newly-designed cheques conforming to the eSPICK Cheque Design Standards and Specifications will be accepted by banks for clearing. Consumers are advised to exchange their unused old-design cheques for the new-designed cheques with their respective banks.
Outstation and local cheques will be cleared on the same day and funds will be credited to the depositor's account no more than two days later. However, in Kelantan and Terengganu which have different weekend bank holidays, cheques deposited on Sunday will require an additional working day for funds to be made available into the depositors' accounts