I,Malaysian!

Malaysia is announcing to have a new electronic system of clearing cheques in August. Instead of needing a few days to clear cheques, every cheque from local or outstation can be cleared within half a day, according to The Star.

All banks are directed by Bank Negara to comply with the paperles Cheque Truncation and Conversion System(CTCS), according to Harres Tan, group executive officer of Rototype International, the company that makes the cheque-clearing kiosks that supports the system.

No more long waiting for cheques to be cleared!

CTCS is expected to be in full operation by early next year. With it, the cheques are scanned and images are transfered into a bank's system. Bank personnel will then verify the cheques on computer terminals. The images of the verified cheques will then be transmitted to Bank Negara, and are to be cleared within 12 hours, said Tan, who spoke at the Bank Tech 2007 conference here.

For security purposes, the images of the cheques will also be stored in a central image archive operated by Bank Negara -- in case one is to view records of cheque transactions.

This method of clearing cheques had been applied in the USA, Tan said. CTCS transactions can be done in two ways - either at a bank counter or via Rototype's self-service kiosks on the premises. The process will be the same either way, no extra fees charged.

However, the application of CTCS at ATM machines need to wait, as banks are planning to better secure the machines by installing biometric security features in the machines to prevent unauthorized use.

Technology advancement in Malaysia is a sight everyone would like to see. We are proud that our country is developing so rapidly in aiding Malaysian's conveniences - even the speed of clearing cheques.

Be proud of Malaysia, love Malaysia, support I,Malaysian! We share, we care.