The Philippine Clearing House Commission (PCHC), in partnership with Bangko Sentral ng Pilipinas, launched the Check Image Clearing System (CICS). It offers a shorter clearing period of your checks through an image scanning system.
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The Check Image Clearing System (CICS) is an electronic system where the image and information of the checks are digitally captured by participating banks and PCHC. With the aid of the new system, you get to enjoy the following benefits:
- Shorter clearing cycles instead of 3-5 clearing days.
- Faster response time to verify if the check issued is funded or not.
- Transferring of the actual physical checks from banks to PCHC and vice versa is no longer needed.
- The newly added security standards on the design of the checks make it more difficult to be copied or tampered, thus reducing the chances of fraud.
For more information, please visit the Philippine Clearing House Commission website at www.pchc.com.ph
