Tanzania: New cheque clearance system will reduce processing time to 48 hours
Cheques are to be digitally processed in Tanzania in a bid to reduce processing time from between four and eight days to 48 hours.Cheques are to be digitally processed in Tanzania in a bid to reduce processing time from between four and eight days to 48 hours.
The new system, which will go live in September, will prevent cheques from being handled up to eight times and transported up to four times with each transaction, as is currently happening.
It involves replacing the physical paper with an electronic image at the bank's branch. "This will be achieved through the 'teller capture process' which requires the front or back office clerk to capture cheque details, thus allowing for either holding or truncation at that point," Sybrin System sales manager Daniel Parreira told the Daily News.
It is expected that that this new process will greatly reduce the risk of theft and fraud, thus building trust in the banking system and improving access to financial services.
In Africa, the system is already in use in Malawi, Kenya and Botswana.