Tai Yuan City Bank recently implemented Clear2Pay’s nationwide cheque image exchange system for clearing of low value vouchers. Cheque fund settlement was previously done via intra-city check exchange system.
Song Kai, director of the technical department, said: After installation and implementation of the Cheque Image Exchange System, cheques will be emerging as the new inter-city payment tool and be helpful to reduce cash transactions and increase non-cash transactions. It will increase the convenience of business activities and meet our customers’ (corporate and individual) increasing demands for a variety of payment methods.
With this new way of clearing via the CNAPS low value payment system (BEPS) we can reduce our bank’s liquidity risk and credit risk and hence increase the safety and efficiency of cheque settlement.
