Financial Times - Cheque delays still persist after new system

Cheque delays still persist after new system

The new cheque clearing system by Lanka Clear Ltd that promised to settle cheques within 24 hours has gone through more than teething problems with most banks experiencing delays, officials said.

A spokesman at Sampath Bank told The Sunday Times FT that although there is no error in their own system – as they pioneered fast cheque clearing two years ago – they were facing difficulties in clearing banks’ cheques.

He said that these delays, mainly caused by the new clearing system from Lanka Clear and Central Bank of Sri Lanka, have been evident in the past week.

Other banks like Bank of Ceylon (BOC), HNB and Seylan Bank also said they too have been experiencing delays since May 11. BOC has had one day delays while cheques deposited at Seylan Bank on May 15 and 16 have not yet been cleared. However, the Clearing House has assured banks that the system will be error-free soon.

(NH)

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