Express Dollars

Currently, clearing dollar drafts, dollar cheques etc drawn on local banks, takes a few weeks to clear. rn

rnThe delays are longer if an outstation bank presents the foreign currency drafts/cheques to the clearing house.rn

quote s Chief Executive, L J Wickremasinghe says the new facility will kick in from October from their offices at Bank Of Ceylon Building Head Office.rn

rnThe cheque-clearing arm is in the process of introducing a high-speed cheque clearing system this year.rn

rnCheque imaging or cheque truncation as it is known, enables cheques to be scanned before directing it to the relevant banks electronically. rn

rnCheque truncation shortens clearing time from 1-7 days to just two days the maximum.rn

rnThe present magnetic reader system, requires all banks to send their cheques to LankaClear
quote s office at Colombo. The firm then manually records each transaction before directing it to the relevant banks.

The central clearing system is costly and delays payments to outstat