We also asked Shaw about the Central Bank's new Automated Cheque Processing system, known as "APS 3" . The system was activated today and it means faster cheque clearing and processing. All cheques deposited countrywide will be processed electronically, allowing for faster clearing time. Shaw explained how it will benefit you in real terms:
Michael Shaw, Managing Director - Scotiabank Belize
"The main feature is these cheques will be processed a lot quicker, so the end customer gets the transaction done a lot faster, a lot cheaper and a lot more efficient."
Jules Vasquez
"How much more quickly, because right now its 3-5 working days to clear a cheque."
Michael Shaw, Managing Director - Scotiabank Belize
"So the maximum time when the dust is settle with this we see it going over 2 days."
According to the central Bank, now, cheques presented to banks by customers countrywide before 2:00 p.m., will be scanned and sent to APS3 on the same day and credit will be applied at the end of the next day. Before automation, deposited cheques took 3 days for local cheques and 7 days for out-district cheques.
Email
Print