- The process by which the bank makes sure that the cheque is honoured by the drawing bank.
International financial encyclopaedia . 2014.
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Cheque truncation system — (CTS) or Image based Clearing System (ICS), in India, is a project undertaken by the Reserve Bank of India – RBI, for faster clearing of cheques. CTS is basically an online image based cheque clearing system where cheque images and Magnetic… … Wikipedia
Cheque fraud — Cheque fraud/check fraud refers to a category of criminal acts that involve making the unlawful use of cheques in order to illegally acquire or borrow funds that do not exist within the account balance or account holder s legal ownership. Most… … Wikipedia
clearing bank — ➔ bank1 * * * A bank that is a member of a national cheque clearing system. To clear a cheque means to process it so that the payee receives its value. Such systems can also involve clearing financial orders and standardized payment… … Financial and business terms
clearing bank — a bank that is a member of the Committee of London and Scottish Clearing Bankers. Collins dictionary of law. W. J. Stewart. 2001. clearing bank … Law dictionary
Cheque — A Canadian cheque … Wikipedia
Cheque and Credit Clearing Company — The Cheque and Credit Clearing Company Limited is a membership based industry body with 12 settlement members. The company has managed the cheque clearing system in England and Wales since 1985, and in all of Great Britain since 1996 when it took … Wikipedia
Cheque truncation — (check truncation in the United States) is the conversion of physical cheque into electronic form for transmission to the paying bank. Cheque truncation eliminates cumbersome physical presentation of the cheque and saves time and processing costs … Wikipedia
clearing bank — A bank which is a member of the London Clearing House • • • Main Entry: ↑bank clearing bank noun A bank that is a member of the London Bankers Clearing House, through which it makes credit and cheque transfers to and from other banks • • • Main… … Useful english dictionary
Cheque guarantee card — Logo of the United Kingdom domestic cheque guarantee card scheme since 1990 A cheque guarantee card is essentially an abbreviated portable letter of credit granted by a bank to a qualified depositor, providing that when he is paying a business by … Wikipedia
clearing bank — n (BrE) a bank that is a member of a clearing house: an organization that arranges for payments to be made between customers of different banks. There is a single clearing house for all cheques paid in Britain: the Cheque and Credit Clearing… … Universalium