The Cheque Codeline Clearing with Cheque Truncation involves the processing of Cheques using its image and codeline thereby stopping the physical cheque at the point of first deposit. The cheque image together with the Magnetic Ink Character Recognition (MICR) information on the codeline are captured by the presenting bank and transferred electronically through the Clearing House Gateway (at GhIPSS) to the receiving bank.
This service has equalized the cheque clearing cycle nationwide reducing it from 3 to 10 days to 48 or 24 hours.
- Normal/ Standard Cheque Clearing Service
This is the default cheque clearing service whereby cheques are cleared within two days beginning from the day the cheque is deposited at the bank.
- Express Cheque Clearing Service
This is a same-day service whereby cheques are cleared between 11am and 1pm (on working days) and clients can receive their funds after the session ends at 2pm on the same day.
FEATURES & BENEFITS OF CCC
- Efficient and cost-effective processing of cheques
- Reduced clearing days
- Multiple Clearing Sessions per day
- Lower Cost of Operation
- Higher Efficiency
- Higher Velocity of Money due to Quicker Value Exchange
- Cheque Capture anywhere at any bank's location no matter how remote