The Hong Kong Monetary Authority (HKMA) and Hong Kong Association of Banks (HKAB) jointly announced today (Thursday) that the new Cheque Imaging and Truncation System (CITS) will commence operation on 21 June 2003.
With the CITS, the new image-based cheque clearing method will transform the current clearing process driven by physical exchange of cheques. Under the CITS, low-value che
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