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| Thursday, 20 May 2004 |
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ComBank offers shortest cheque clearing time in North and East The Commercial Bank of Ceylon has speeded up the clearing time for cheques drawn on its Northern and Eastern province branches and deposited with any other bank in Sri Lanka, to two days from the usual four to seven days taken by other banks. With the linking up of the Bank's branches in Jaffna, Nelliady and Chunnakam in the Northern peninsula and the Batticaloa, Trincomalee and Ampara branches in the Eastern province to the ComNet network, Commercial Bank was one of the first banks to provide fully computerised networked banking facilities to the North and East. This was followed by the recent upgrade of the system which enabled the bank to speed up cheque clearing procedures. "Commercial Bank initially reduced the clearing time taken for cheques deposited within its own network to almost instantaneous. This was then extended to cheques deposited with other banks reducing the realisation time to two days. "This was a long-felt need, particularly by businessmen all over the country who had dealings with the North and East," said Anton Perera - Commercial Bank's Manager Central Clearing Department. "The reduction of clearing times would have several positive implications on businesses. The long periods spent anxiously waiting for the realisation of cheques drawn on North and East would be drastically reduced, when one receives a Commercial Bank cheque. This would further encourage trade links with the North and East," he said. "Cash flows would ease a lot and working capital positions would improve tremendously. It would also mean that, when paying with a Commercial Bank cheque a higher level of discounts can be called for, resulting in higher profits," Perera said. Citing an example of how this would practically assist a customer, he said that when a Commercial Bank Jaffna or Batticaloa cheque is deposited at any other bank even in the remotest corner of the South, it would be cleared within two days. |
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