Land Bank-Bataan to implement new automated check clearing system

Written by
  • Zeny S.
  • 6 years ago

CITY of BALANGA, Bataan – Starting January 20, 2017 the management of Land Bank – Bataan will be implementing a new automated check clearing system called Check Image Clearing System (CICS) pursuant to Philippine Clearing House Corporation (PCHC) Circular memo 15-460 and 15-3126.

According to Land Bank – Bataan Assistant Manager Ms. Lea V. Montilla, under the new system, information on the check and its image are digitally captured by the bank receiving the check deposit and presented electronically to the paying bank which eliminates the need to physically transfer checks for clearing.

Ms. Montilla explained that first and foremost in the CICS implementation is the security in deterring fraud as well as loss or tampering of checks while in transit, more so, this affords faster availability of funds to payee, immediate feedback whether check will be funded on the same day or the next business day, and faster turnaround time on service requests.

Upon learning that this development would be published in, Ms. Montilla said that it will be a big help in their information dissemination to their depositors, most of whom are government officials and employees of the province. She added that the new system will spare their clients from the inconvenience in encashing their checks, because any check with missing or altered information even if countersigned will no longer be eligible or acceptable for clearing. Ms. Montilla also urged their depositors not to fold their checks as it may affect the automated digital transmission of said check

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