Cheque imaging or cheque truncation as it is known, enables cheques to be scanned before directing it to the relevant banks electronically.
rnrnldblquote Cheque truncation shortens clearing time from 1-7 days to just two days the maximum,
dblquote Chairman R B Ekanayake said in an interview.
rnrnThe 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 outstation branches.
rnrnldblquote We are also looking at dollar clearing to speed up multi-currency transactions,
dblquote Ekanayake says.
rnrnCurrently, clearing dollar drafts, dollar cheques and so on drawn on local banks, takes weeks to clear. ldblquote The delays are longer if its on outstation bank that is presenting it,
dblquote Ekanayake says adding that the firm hopes to start the new system by July.
rnrnLankaClear will also take