QCB targets real time cheque clearance

Qatar Central Bank (QCB) is implementing ProgressSoft’s Electronic Image-based Cheque Clearing System (PS-ECC) to facilitate real time cheque clearance between itself and the country’s other financial institutions.

  • E-Mail
By  Matthew Southwell Published  November 11, 2002

Qatar Central Bank (QCB) is implementing ProgressSoft’s Electronic Image-based Cheque Clearing System (PS-ECC) to facilitate real time cheque clearance between itself and the country’s other financial institutions. Seven of Qatar’s 14 banks have already integrated their own cheque clearing processes with QCB’s new system, and the remaining seven are scheduled to have done so by the February 1 go live date.

Although Qatar’s existing cheque clearing procedure has been digital since 1992, it is not in real time. As a result, there is a time lag between cheque submission and clearance. However, when the PS-ECC system goes live it will reduce the time needed to perform the process by up to 65%, as well as helping the banks cut operational and overhead costs. Furthermore, QCB will be in a position to reduce interest expenses, check fraud losses and presentment fees.

“This system takes the banking industry to a whole new and common level of efficiency,” says Hashem Al-Sada, director of electronic systems, development & planning at QCB. “The customer also benefits from having access to their funds sooner,” he adds.

According to Al-Sada, the task of integrating all 14 banks to QCB’s PS-ECC system is a simple one as the banks have been connected in some form or other since 1992. “We have had this integration since 1992 as the existing QCB Connect [network] carries all of our information between the banks. Now it is just a case of upgrading these lines and both QCB and the banks implementing the ProgressSoft solution,” he explains.

To ensure that this simple process runs smoothly, a team comprised of QCB and ProgressSoft staff will be helping each of the 14 banks deploy the cheque clearing system. “It is an easy and simple task for the bank’s own teams, but there is also people from QCB and ProgressSoft to help out,” comments Al-Sada.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code