To expedite inter-commercial bank cheque clearance, Deputy Finance Minister Datuk Dr Affifuddin Omar told the Dewan Rakyat.
2.
BANK Negara is in the process of introducing an " image processing system " to expedite inter-commercial banks cheque clearance.
3.
"' Cheque truncation "'( "'check truncation "'in American English ) is the conversion of a physical cheque into a cheque clearance system.
4.
In Australia, the Australian Payments Clearing Association ( APCA ) is now the regulatory body of cheque clearances and of the BSB codes in Australia.
5.
The use of the Bank State Branch ( BSB ) identifier was introduced in the early 1970s with the introduction of MICR on cheques to mechanise the process of data capture by the banks as well as for mechanical sorting and bundling of the physical cheques for forwarding to the payer bank branch for final cheque clearance.
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