Central Banking

Bahrain modernises cheque truncation system


The Central Bank of Bahrain announced today that a new cheque clearing system based on the electronic transmission of images and payment information will replace the current paper-based procedure as of May 13.

The new cheque processing system, The Bahrain Cheque Truncation System (BCTS), was designed in conjunction with Benefit, which also operates Bahrain's ATM service and point-of-sale systems.

The new procedure is intended to speed up the clearing of cheques. The central bank said that custom

To continue reading...