Clearing of Checks via Electronic Presentment

September 7, 2016BSP CIRCULAR NO. 924-16SUBJECT : Clearing of Checks via Electronic Presentment The Monetary Board, in its Resolution No. 1451 dated 12 August 2016, approved the amendments to the pertinent sections of the Manual of Regulation for Banks to align and update the existing provisions in view of the Clearing of Checks via Electronic Presentment that shall be implemented by the Philippine Clearing House Corporation (PCHC).SECTION 1. Section X206 of the Manual of Regulations for Banks (MORB) is hereby amended, to explicitly indicate the role of the PCHC in check clearing operations as well as the implementation of check clearing through electronic presentment of checks, as follows:"Sec. X206 (2008-X603). Clearing Operations. —"The Philippine Clearing House Corporation (PCHC) was appointed and designated by the Bangko Sentral as a processing agency and exclusive provider of nationwide Magnetic Ink Character Recognition (MICR)/Automated Clearing Facility. It shall implement Clearing of Checks via Electronic Presentment through its Check Image and Clearing System (CICS) upon receipt by the Bangko Sentral of a written notice from the PCHC that CICS is...