21 April 2017
In compliance with the directive from the Bangko Sentral ng Pilipinas (BSP) on the adoption of the electronic clearing of checks, Postbank already implemented the Check Image Clearing System (CICS). With the original deadline beginning 20 January 2017, the full cutover for the implementation of CICS has been pushed through on 21 April 2017 as set by the Monetary Board of BSP.
The CICS is a joint undertaking of the Bangko Sentral ng Pilipinas and the Philippine Clearing House Corporation (PCHC) which aims to shorten the Bank’s clearing period. The PCHC implemented the clearing of checks via electronic presentment through its CICS.
The new check clearing process speeds up the crediting of funds to depositors’ account from three to five banking days to only one banking day since only the digital images of checks and their electronic payment information are transmitted to the paying bank compared to the previous clearing system which requires the physical delivery of checks.
According to BSP, aside from promoting financial consumer welfare, this reform initiative enhances the efficiency of the domestic payment system and promotes the faster movement of goods and services in the country.
Pursuant to said requirement, the Bank has converted all Postbank branches from ECCS to CICS last 31 March 2017 in time for the cut-over date of PCHC on 21 April 2017. The Bank has also posted on its website the Frequently Asked Questions (FAQs) related to the CICS.
For more details, please refer to the Frequently Asked Questions (FAQs) related to CICS.