The Central Bank along with commercial banks is considering the implementation of an electronic cheque clearing system in Trinidad and Tobago.
Confirmation of this move comes from Minister in the Ministry of Finance, Brian Manning.
Minister Manning made the revelation in the Senate Tuesday as he piloted debate on the Bills Of Exchange Amendment Bill, 2022.
Minister Manning said the proposed electronic cheque clearing system will enable customers to pay cheques through their respective mobile banking apps, will help in the ease of doing business and is part of government’s push to engage in digitalisation.
The move is part of government’s bid to protect customers, enable innovation to deliver wider benefits to businesses and the banking industry.
Minister Manning said cheques account for 25 percent of all payments made by individuals in 2021, which is one fifth of all out going payments by sole traders and other micro businesses and small businesses.