Regulatory Alerts2025-12-25
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Circular Re. the Launch of the Electronic Cheque Clearing System (ECCS)
The Saudi Central Bank (SAMA) launches the Electronic Cheque Clearing System (ECCS) to replace physical cheque clearing with digital image truncation, mandating same-day clearing for all participating banks and financial institutions. The rules establish operational procedures, including specific cut-off times for inward and outward clearing, settlement file generation via SARIE, and strict prohibitions on submitting altered or non-conforming cheques. This system supersedes all previous physical clearing arrangements and becomes effective on a date determined by SAMA following participant application.
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