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Bankers resolve truncation system problems

THE Bankers Association of Zambia (BAZ) says it has resolved technical challenges in implementing the cheque truncation system (CTS).
In 2013, the Bank of Zambia (BoZ) set July 31as deadline for commercial banks to implement CTS and the system is an efficient method of clearing cheques between banks.
The BAZ says banks had technical challenges during implementation. Some cheques deposited failed to reach paying banks.
According to a statement issued by BAZ, BoZ and Zambia Electronic Clearing House Limited (ZECHL) and availed to the Daily Mail on Tuesday, all cheque deposits at collecting banks which failed to reach the paying banks due to system challenges will now be debited to the respective accounts.
“As you may be aware, ZECHL in conjunction with BAZ and BoZ rolled out CTS on February, 2013. Unfortunately, the banking industry faced technical challenges during implementation. The banking industry, however, is pleased to inform all its esteemed customers and the public that these technical challenges have now been resolved,” BAZ says.
BAZ also says banks shall report to the BoZ and the Credit Reference Bureau names of all individuals and business entities that issue cheques on insufficiently funded accounts as required by law.

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