Regulatory Alerts2014-05-14
Zambia Electronic Clearing House Limited Cheque Image Clearing and Direct Debit and Credit Clearing Rules
Zambia Electronic Clearing House Limited (ZECHL) issued these revised rules to establish mandatory terms and operational standards for the electronic clearing and settlement of cheque images and direct debit and credit instructions within Zambia. The document delineates the specific responsibilities of participating banks, collecting institutions, and direct debit service providers while outlining procedures for file transmission, error handling, indemnity claims, and settlement failures. Compliance with these standardized protocols is required to ensure secure interbank transactions, mitigate operational risks, and align national payment practices with the Bank of Zambia’s broader payment system reform objectives.
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