The Macao Cheque Clearing Automation System newly introduced by the Monetary Authority of Macao（“AMCM”）has been put in operation for more than a month. The system has been running smoothly and has effectively enhanced the speed and safety of the cheque clearing process.
The Macao Cheque Clearing Automation System has been in operation since September 25th and is providing cheque clearing automation services for 27 local credit institutions. By scanning the QR code on the cheques to retrieve the information for automated cheque clearing, the system can increase the speed as well as improve the accuracy of the cheque clearing process. At present, the new cheques with QR code account for about 20% of the total number of cheques. Old style cheques without QR code can continue to be used. Banks will orderly assist customers for obtaining new cheque book . In the next phase, AMCM will strive to achieve automation for cashier’s orders, gift cheques, and government payment voucher (Títulos de Pagamento) in order to further improve the fund flow in the banking system.
To cope with the rapid economic growth in Macao and to promote the development of the local financial industry, AMCM, in cooperation with the industry, has continued to optimize the financial infrastructure of Macao. The newly introduced Cheque Clearing Automation System has created the necessary conditions for speeding up cheque clearing, shortening the time of fund settlement, facilitating fund management of the public and improving the business environment in enhancing the efficiency of fund transfer.