THE United Coconut Planters Bank (UCPB) will start implementing the one-day clearing for checks on Monday (August 7), as mandated by the Bangko Sentral ng Pilipinas (BSP) and Philippine Clearing House Corp. (PCHC).

In a statement on Thursday, UCPB said it has shifted to the clearing time of checks will be cut to one day from three days with the implementation of the check image clearing system (CICS), which is set to take effect next week.

Starting Aug. 7, funds from its clients’ check deposits are to be made available for withdrawal not later than 3 p.m. the following banking day.

“With one-day clearing, the cash flow of UCPB clients, especially those running businesses, will improve significantly,” UCPB Senior Vice-President and Operations Group Head Arnel A. Valles was quoted saying in a statement.

In January, the BSP and PCHC announced the migration to the CICS, requiring lenders to accept digital images of checks as authority to move funds. Previously, the transfer of physical checks took three to five banking days.

The central bank has given banks until April 21 to upgrade their computer systems and feedback channels for electronic check clearing aligned with PCHC’s standards.

UCPB Savings Bank, UCPB’s thrift banking arm, has also complied with the requirements needed for CICS. — J.M.D. Soliman

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