Bank customers who pay cheques from rival lenders into their accounts will be able to get the money cleared within one working day in fresh efforts to boost cash flow in the economy. β @BD_Africa
At the moment, the process can take up to three days, removing the discrimination that has for years seen banks clear internal cheques within 24 hours.
The reduced clearance period follows an upgrade of the Automated Clearing House System (ACH), the platform used by banks for electronic funds transfers and cheques.
The electronic fund transfers or EFTs will clear within the banksβ hours of operations as opposed to the previous 24 hours while foreign currency-dominated cheques will clear within two days from seven days. businessdailyafrica.com
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