Industry sources maintain that a new system of check clearing proposed by the UAE Central Bank recently is expected to result in more efficient check clearing process once in place.
The Image Check Clearing System (ICCS) is set to be implemented on November 4, according to the latest Central Bank directive to banks, said Gulf News.
"The ICCS will initially run with a single clearing session and no express check clearing facility. All banks are required to complete the necessary testing and be ready for this change in advance of the date mentioned," explained the directive.
Bankers are still awaiting the operational legal framework for the ICCS.
