Central Banking

Thailand to get faster cheque clearance system

The Bank of Thailand will reduce the timeframe for inter-provincial cheque collection to three days from six, starting on 14 February.

The move is one of several that the central bank plans to take in the next few years to make the payment system more efficient while helping provincial businesses, according to Sayan Pariwat, the senior director of the Payment Systems Group.

The introduction of electronic cheque-clearance means that the central bank can verify signatures and enable commercial ba