Cheque Clearing (CITS)
Bringing Sri Lanka’s national payment infrastructure on par with international players.
Bringing Sri Lanka’s national payment infrastructure on par with international players.
Cheque Imaging and Truncation System (CITS) is an image-based cheque clearing system, which replaces the physical presentment of cheques with electronic information, flowing throughout the clearing cycle. It eliminated the actual movement of cheques in cheque clearing and reduced the delays associated with physical cheque movement. Further expedite the clearing process nationwide and facilitates clearing domestic interbank rupee cheques and rupee drafts.
CITS not only improved the back-end processing efficiency of all banks but would also allow participating banks to introduce new services that will provide faster and more convenient access to processed or stored cheque images.
Sri Lanka was the first in South Asia and second globally to implement such an advanced image clearing system to conduct nationwide cheque clearing operation. CITS is governed by the Payment and Settlement Systems Act. No. 28 of 2005
When a cheque that you have deposited into your account is returned unpaid,
You should
A cheque is a written order to a bank to pay a specific amount of money to the person or entity named as the payee. It's a formal way of informing your bank to transfer money from your account to someone else's.
Cheques typically clear within one business day from the time they reach LankaPay, which performs functions of cheque clearing house.
Banks may charge fees for clearing cheques, like commission charges and other processing fees. These fees can vary from bank to bank.
It includes elements like the person who wrote it (drawer), the bank it's drawn on (drawee), who it's for (payee), the amount, the date, and the signature.
Yes, in Sri Lanka, cheques written in Sinhala, Tamil, and English languages are considered valid.
If your cheque is lost or stolen, immediately notify your bank that issued it. They can stop payment of the cheque to prevent unauthorized use.
Write the full name of the payee on the 'Pay' line. If the cheque is only for that person, cross out the word 'Bearer' and double cross the top left corner.
Yes, there are certain inherent risks associated such as returned cheques, forgery, or lost/stolen cheques.
Unlike cash or electronic payments, a cheque is a written promise to pay from one bank account to another when presented to the bank.
Cheques are typically valid for six months from the date they're issued.
The clearing system uses electronic images, the physical cheque is removed from the clearance process once you hand it over at presenting bank.
Yes
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LankaPay is the national payment network of Sri Lanka which provides the central payment infrastructure to the country’s financial sector. With a mission to drive financial inclusivity and empower businesses and individuals with faster, convenient and secure payment options, making payment convenience an affordable and accessible choice for all.
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