UCPB to start one-day check clearing next week

Clients of the United Coconut Planters Bank (UCPB) will be able to withdraw funds a day after the check deposits are made starting next week, after successfully implementing the check image clearing systems (CICS).

In an emailed statement, UCPB said starting Monday, August 7, funds from check deposits will be made available for withdrawal not later than 3:00 p.m. the following banking day, compared with the three-day clearing period now in place.

"With one-day clearing, the cash flow of UCPB clients, especially those running businesses, will improve significantly," UCPB senior vice president and Operations Group head Arnel A. Valles said.

"Aside from UCPB, its thrift banking arm, UCPB Savings Bank, has also complied with the requirements of CICS," the bank said.

The Monetary Board approved the electronic clearing of checks in September 2016, which formally began on January 20, 2017.

Former Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said checks valued at P135 billion were transacted daily, emphasizing the need for assurance that payments are carried out and recipients get a sense of finality in the arrival of funds.

The BSP has designated the Philippine Clearing House Corp. (PCHC) as exclusive provider of the electronic clearing services. — Jon Viktor Cabuenas/VDS, GMA News