Electronic Cheque Clearing is the process of converting an original paper cheque into a digital image (replacing the paper cheque) and data to be captured. This will be sent to the institution that the cheque is drawn on. This process enables the electronic processing of the financial transaction between banks in an efficient manner.
The system only operates with cheques drawn in TTD.
Security is of paramount importance to the ECCS and the payment industry. Several security measures have been adopted to reduce the occurrence of fraudulent cheques.
The new image-friendly cheques will assist participating banks to exchange data electronically, resulting in more efficient cheque processing and settlement times.
| 2023 | 2024 | |
|---|---|---|
|
QTR 1 |
752,317 |
390,368 |
|
QTR 2 |
1,212,589 |
|
|
QTR 3 |
1,234,358 |
|
|
QTR 4 |
1,230,086 |
| ACH PARTICIPANTS | DEFINITION / ROLE |
|---|---|
|
Originator |
Company, merchant or individual – entity that initiates an ACH debit or credit |
|
Originating Depository Financial Institution (ODFI) |
Originating Depository Financial Institution – the Participant that originates the electronic transaction to present a cheque that is drawn on another Participant for payment either in physical paper form or digitally via the ACH. |
|
ACH Operator |
InfoLink Services Limited |
|
Receiving Depository Financial Institution (RDFI) |
A Participant on which a negotiable financial instrument is payable as drawn or accepted either in the physical paper form or digitally under the ACH |
|
Drawee Bank |
A participant that represents the payer of a cheque and is liable to settle on the client’s behalf. |
|
Settlement Agency |
Central Bank of Trinidad & Tobago |
All our Partners currently offer ACH in varying capacities. If you are interested in using their facilities please reach out to the Partner you currently bank with for further information.
