Introducing Electronic Cheque Clearing (ECC)
Enhancing Efficiency and Security through Digitalization
The Trinidad and Tobago local banking sector has implemented the Electronic Cheque Clearing System (ECCS) effective February 2023 whereby all cheques issued will be settled electronically. Effective May 5th 2023, JMMB Bank along with other local banks, ceased the acceptance of non-compliant cheques as outlined by the Canadian Payments Association (CPA) Standard 006 Specifications for MICR- Encoded Payment Items.
The new ECC system will facilitate the following:
- Digitised exchange of information between banks
- Timely reconciliation across banks
- Earlier notification of returned cheques
Please also see the attached notice issued by the Bankers Association of Trinidad and Tobago
Frequently asked questions about ECC.
Why the need for a new clearing system?
Commercial banks in Trinidad and Tobago continue to invest in solutions that support our country's drive towards enhancing the efficiency and security of service delivery through digitization. In this regard, stakeholders recently launched Electronic Cheque Clearing which is expected to accelerate the exchange and processing of cheques among the commercial banks. In order to facilitate this, cheques must be produced to a standard that can easily be imaged so that all banks can exchange them.
What are the specifications of the CPA Compliant Cheques?
Please see the sample cheque for some of the more visible features of the new CPA Compliant JMMB Bank cheques.
Is there a cost for issuing a non-compliant cheque?
No, non-compliant cheques should not be accepted at any commercial bank and would therefore not enter the ECC.
How does this new system affect my banking?
All cheques must be standardized and image-friendly in order to be accepted in the new electronic system.
If you are a JMMB Bank client with a chequing account...
You are required to change your cheque books to the new ones which carry our 12-digit bank account numbers. Old JMMB Bank cheques will not be accepted for deposit at other banks.
Please order your new cheque books via Moneyline or complete the order form and email to infott@jmmb.com. Your first 2 new cheque books are free of charge.
In the interim, while you await your new chequebooks, you are welcome to utilise Moneyline in order to transfer funds via ACH to other local banks.
If you receive cheques from JMMB Bank clients...
Please see the sample below to learn what our new cheques look like. You may deposit this new cheque and await notification as per your respective bank's processing time. If you suspect that you have received a non-compliant cheque, feel free to visit your bank branch or contact our Client Care Centre @ 800-JMMB (5662) for any further information.
If you are depositing cheques to your JMMB Bank account...
Kindly note that our processing time remains set at 4 working days as we transition to this new process.
