The first step should be setting standards for the functioning of the colleges based on today’s best practices, to enhance consistency within the Union. In this regard, the two colleges instituted by Banca d’Italia for the top two Italian banking groups represent an especially positive experience.
The long and tedious manual handling of cheques will be replaced by a system that will not only reduce the float time before funds become available, but will contribute to combat fraud and forgery, and in the final analysis bring more efficiency to the entire banking system. The costs of implementing this system will be borne by the Bank and the Mauritius Bankers Association.