Bank Negara Malaysia is pleased to announce the nationwide rollout of the Cheque Truncation and Cheque Conversion System (CTCS). With effect from 1 July 2009, the cheque clearing system in Malaysia will be driven by the transmission of cheque images and data between banks and the clearing house as compared with the current physical exchange of cheques.

The CTCS system is now managed and operated by the Malaysian Electronic Clearing Corporation Sdn. Bhd. ( MyClear). MyClear is a wholly-owned subsidiary of Bank Negara Malaysia , which commenced operations on 2 January 2009.

The CTCS is an initiative in modernising the cheque processing infrastructure in Malaysia through the electronification of the cheque clearing process and reduction of risks and costs associated with paper-based payment instruments. Cheques continue to be an important mode of payment, accounting for about 91.6% of non-cash payment value. The implementation of CTCS would enhance the efficiency of cheque clearing and contributes toward lowering the cost of doing business, thereby enhancing the competitiveness of businesses as well as the overall economy.

For consumers and businesses, the rollout of the CTCS will lead to speedier and shorter cheque clearing cycle, resulting in faster availability of funds in the depositors' accounts. Outstation cheques and local cheques in the country as a whole will be cleared on the same day and funds will be credited to the depositor's account no more than two days later. However, in the states of Kelantan and Terengganu, which have different weekend bank holidays, cheques deposited on Sunday will require an additional working day for funds to be made available into the depositors' accounts. Consumers and businesses will also no longer need to pay commission fees for outstation cheques.

With the rollout of CTCS, members of the public are reminded that effective 1 September 2009, only the newly designed cheques conforming to the eSPICK Cheque Design Standards and Specifications will be accepted by the banks for clearing. Consumers are advised to exchange their unused old design cheques for the new designed cheques with their respective banks.

While the rollout of CTCS is one of the initiatives to improve efficiency, wider adoption of e-payments driven by electronic technology will pave the way towards a more efficient payment system, which would improve the competitiveness of the economy.

For further information on CTCS, members of the public can contact:

Malaysian Electronic Clearing Corporation Sdn. Bhd. 
Level 3, Block C
Bank Negara Malaysia
Jalan Dato' Onn
50480 Kuala Lumpur
Tel : 03-26988044 Ext. 7177
D/L : 03-26945185
Fax : 03-26920625
Email : [email protected]  

Bank Negara Malaysia 
BNMTELELINK (Customer Service Call Centre)
Tel: 1-300-88-5465
Fax: 03-21741515
Email: [email protected]