The Bank has taken a number of initiatives to further modernize the payments system among which are the Cheque Truncation Project, the implementation of the International Bank Identification Number (IBAN) and the upgrading of the MACSS.
The main objective of Cheque Truncation is to enable cheques to be exchanged and cleared on the basis of electronic presentment of cheque images and cheque MICR Codeline data. It provides a number of benefits: faster clearing cycles, faster cheque tracing and cost reduction, the most important one being operational risk reduction through enhanced security and automatic detection of forged instruments.