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| Friday, 24 October 2003 |
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Secure cheque clearance system to be introduced by Nadira Gunatilleke The secure cheque clearance system is to be introduced in Sri Lanka by Lanka Clear Private Limited before the end of this year to speed up the banking services. Although this firm will maintain and manage this system, the rights to this system will be shared by the Central Bank with the other commercial banks, a Government Media Unit spokesman said. He said that developed countries avail this modern technology and handle large deadlines in a short time. The importance of a speedier cheque clearance system is identified as an essential aspect in the government's national project on streamlining and improving the country's economy. Cheques deposited in towns like Galle, Matara and Badulla which are far from Colombo now take more than a week for clearance, but with the introduction of the latest technology, a cheque deposited in Baticaloa will take only a maximum of two days for clearance. At present a cheque deposited in an outstation bank has to be sent to Colombo by post or by other means. Sending a cheque in its original state to Colombo involves more money and time but with no alternative. With the modern technology a digital replica of the cheque is sent through the most secure system to the bank's head office in Colombo and clearance speeded up. |
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