Standard for cheques and documents stipulated under the Interbank Electronic Cheque Clearing System are mainly used as the guideline and provisions with regard to main composition of cheque and other related documents, considered necessary for printing in compliance with the scope and limitations as designated. These will ensure the uniform cheque standard for the entire system in order to achieve smooth operations, higher effectiveness, and prepare for Imaged Cheque Clearing System (ICS), which directly benefits the cheque clearing process among member banks, the general public, and the economy at large. Primary objectives for setting the standard for cheques and related documents are, i.e.,
- To provide related parties with knowledge and understanding towards the design of cheque, use of Code Line, use of cheque and other documents to be used with cheque, all of which will be under the single uniform standard to facilitate the interbank cheque clearing procedures.
- To allow cheque with Magnetic Ink Character Recognition E13B to proceed through reader and sorter machines quickly and accurately
- To prepare for Imaged Cheque Clearing System (ICS), which will promote the exchange of cheque image in lieu of paper cheque, as a firm foundation for the development and extension of cheque clearing all over the country.