JoPACC introduces the upgrade of the Electronic Cheque Clearing Unit (ECC) System to the Financial Sector
On July 14th, JoPACC hosted a meeting with the participation of representatives of all banks in Jordan and the Central Bank of Jordan to present the planned upgrade of the ECCU system and the anticipated changes and features it will entail. The meeting was also attended by Progress Soft, the technical provider of the ECCU. JoPACC has been working closely with market players to introduce the newest version of the ECCU and has led consultations with CBJ and banks to agree on the required updates and features. The new version aims to increase the system's efficiency, boost its operation, and enhance its security protocols and monitoring and reporting capabilities. The ECC was originally launched in 2007, which automated cheque clearing services.
The new version of the ECCU system will include new modules, such as the API module, the post-dated cheques module, the on-us module, and the abuser list module. Participants in the meeting discussed the upgrade's organization and governance, JoPACC's role in operating the system, and the studies and assessments JoPACC carried out to understand market needs and the impact of the upgrade on the system's security, efficiency, and performance. Representatives of banks further addressed the needed developments from their side to be aligned with the upgraded version's requirements and amendments. To this end, one-on-one meetings will be held with banks to address their development needs in coordination with the technical provider of the ECCU to ensure banks are ready for the upgrade when it is launched. The new version of the ECCU is expected to go live in 2022.