The commercial banks and the Central Bank in Trinidad and Tobago have been working to reduce the processing time for cheques.
In February 2023, the electronic processing of cheques was introduced. This involves a replacement of the “manual” system for processing cheques drawn on the Central Bank and various commercial banks.
The cheques that can be cleared electronically have enhanced security and fraud detection features. Banks are working with their customers to upgrade cheques being used to this new standard. While the introduction of the Electronic Cheque Clearing brings with it several benefits, presently, the cheque clearing period remains at four working days.
This is an ongoing project, which once fully implemented, will allow for local cheques to be processed and cleared more efficiently, resulting in further benefits to customers.
For further information, please contact your financial institution, the Bankers Association of Trinidad & Tobago ([email protected]) or the Central Bank of Trinidad and Tobago ([email protected])
