Thanks to the conjoined efforts of UCPB Savings Bank and Philippine Clearing House Commission (PCHC), the newly implemented Check Image Clearing System (CICS) is now fully operational in all 45 UCPB Savings Bank branches nationwide. According to ITD Head, Mr. Wilfredo Bautista, the installation of the system which started early this year have been successfully completed and tested.
Through the CICS, the image and information of the checks are digitally captured by participating banks and PCHC. Now, there will be:
- Shorter clearing cycles instead of 3-5 clearing days;
- Faster response time to verify if the check issued is funded or not;
- No need to transfer actual checks from banks to PCHC and vice versa;
- Security standards on the design of the check make it more difficult to be copied or tampered, reducing the chances of fraud.
To know more about CICS, visit PCHC website at www.pchc.com.ph
