{"id":12692,"date":"2017-02-02T17:52:35","date_gmt":"2017-02-02T09:52:35","guid":{"rendered":"http:\/\/primer.com.ph\/blog\/?p=12692"},"modified":"2017-02-02T17:55:59","modified_gmt":"2017-02-02T09:55:59","slug":"banks-in-ph-now-process-checks-electronically","status":"publish","type":"post","link":"https:\/\/primer.com.ph\/blog\/2017\/02\/02\/banks-in-ph-now-process-checks-electronically\/","title":{"rendered":"Banks in PH now process checks electronically"},"content":{"rendered":"<p style=\"text-align: left\">According to a report by <a href=\"http:\/\/www.bsp.gov.ph\/publications\/media.asp?id=4172\">Banko Sentral ng Pilipinas<\/a>, electronic clearing of checks started on January 20, 2017 as approved by the Monetary Board.<\/p>\n<p style=\"text-align: center\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-12693\" src=\"https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2017\/02\/ADVISORY-on-CICS.011717-791x1024.jpg\" alt=\"ADVISORY-on-CICS.011717\" width=\"791\" height=\"1024\" \/><em>Image grabbed from <a href=\"http:\/\/pchc.com.ph\/\">pchc.com.ph<\/a><\/em><\/p>\n<p>With this, Philippine Clearing House Corporation (PCHC)\u2014the BSP-designated exclusive provider of electronic check clearing services\u2014will use the \u201cCheck Image Clearing System (CICS)\u201d to process the checks.<\/p>\n<p>This new system targets to speed up the crediting of funds to depositors\u2019 account to only one banking day from the usual three to five banking-day process.<\/p>\n<p>Based on the advisory posted by PCHC, depositors who transact with CICS compliant banks\/branches may now withdraw on the next banking day against their validated check deposits.<\/p>\n<p>The following banks are CICS Compliant\/Ready as of January 31, 2017:<\/p>\n<p style=\"text-align: center\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-12696\" src=\"https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2017\/02\/banks-1.jpg\" alt=\"banks\" width=\"600\" height=\"332\" srcset=\"https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2017\/02\/banks-1.jpg 851w, https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2017\/02\/banks-1-300x166.jpg 300w, https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2017\/02\/banks-1-768x425.jpg 768w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><em>Image grabbed from <a href=\"http:\/\/pchc.com.ph\/wp-content\/uploads\/2017\/01\/JAN31.jpg\">pchc.com.ph<\/a><\/em><\/p>\n<p>Meanwhile, banks\/branches that are still on paper-based check processing will continue to render the service under existing timelines. The public is advised to check with their bank\/branch regarding funds availability.<\/p>\n<p>In preparing checks under CICS, the public is reminded to:<\/p>\n<ul>\n<li>make sure that check being issued is sufficiently funded<\/li>\n<li>use dark-colored ink; do not use pencil, erasable ink or correction ribbon<\/li>\n<li>write legibly and ensure that all required information are clear and complete<\/li>\n<li>make no erasures\/alterations in any of the information as checks with alteration are not acceptable for clearing even if the erasure or alteration is countersigned<\/li>\n<li>left-justify when writing on the spaces; rule out empty spaces<\/li>\n<li>end the amount in words with &#8220;Only&#8221;; do not leave big spaces<\/li>\n<li>make sure authorized signatories are updated with the bank<\/li>\n<li>avoid stapling, crumpling, folding, pinning or binding checks<\/li>\n<li>review immediately monthly bank statements. Checks that are honored will no longer be sent with bank statements; only digital copies of honored checks will be provided. Physical checks(paid) will be kept by the banks for 180 days only<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Source: <a href=\"http:\/\/www.bsp.gov.ph\/publications\/media.asp?id=4172\">Banko Sentral ng Pilipinas<\/a>, <a href=\"http:\/\/pchc.com.ph\/\">pchc.com.ph<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Banks in the Philippines will now use the \u201cCheck Image Clearing System&#8221; to speed up the crediting of funds to depositors\u2019 account to only one banking day.<\/p>\n","protected":false},"author":3,"featured_media":12693,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[2321,2323,2322],"class_list":["post-12692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-current-events","tag-banko-sentral-ng-pilipinas","tag-check-image-clearing-system-cics","tag-philippine-clearing-house-corporation"],"acf":[],"jetpack_featured_media_url":"https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2017\/02\/ADVISORY-on-CICS.011717-e1486028664517.jpg","_links":{"self":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts\/12692","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/comments?post=12692"}],"version-history":[{"count":3,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts\/12692\/revisions"}],"predecessor-version":[{"id":12698,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts\/12692\/revisions\/12698"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/media\/12693"}],"wp:attachment":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/media?parent=12692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/categories?post=12692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/tags?post=12692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}