November 24, 2017, 10:02 pm
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UCPB implements 1-day clearing of checks

UCPB has announced that it has cut the clearing time of checks from three days to one day with the successful implementation of its Check Image Clearing System (CICS), an electronic payment system mandated by the Bangko Sentral ng Pilipinas (BSP) and the Philippine Clearing House Corp. (PCHC). 

Effective today, funds from check deposits will be made available for withdrawal not later than 3:00 PM the following banking day, according to UCPB Senior Vice President and Operations Group Head Arnel A. Valles. 

“With one-day clearing, the cash flow of UCPB clients, especially those running businesses, will improve significantly,” said Valles. 

Through the CICS, banks only need to see digital images of checks and its electronic payment information before it is paid out. 

Banks who have managed to integrate their CICS into their core banking system will also benefit from the new process. 

The PCHC likewise developed a new design for checks to improve its security and prevent fraudulent withdrawals. Aside from UCPB, its thrift banking arm, UCPB Savings Bank, has also complied with the requirements of CICS.
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