Jordan moves to 24-hour cheque clearing

Central Bank nears completion of electronic cheque clearing system, report says.
Jordan moves to 24-hour cheque clearing
By Daniel Stanton
Wed 17 Oct 2007 01:03 PM

The Central Bank of Jordan (CBJ) will begin offering a 24-hour cheque clearing service from next month, helping to make the Kingdom's banks more efficient.

The CBJ is set to complete the second stage of its electronic cheque clearing implementation in November, the Jordan News Agency, Petra, reported yesterday.

This follows the successful completion of the first stage of the project, which converted the cheque clearing process from a manual to an electronic system.

The electronic solution should reduce the time taken to clear and cash cheques from around four days currently to 24 hours.

The CBJ will also keep a 15-year archive of all cheques presented for clearance. Every month, its clearance office receives up to one million cheques, valued at more than JD2.2 bn (US$3.1 bn).

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.