Cheque Payments
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Cheque Payments Overview
Through JoPACC's electronic cheque-clearing service, your cheques are collected and credited on the same day - fast, secure, and simple! Our advanced electronic solution offers unbeatable communication capacity and accuracy, allowing for the accurate transmission of information and dramatically reducing cheque-processing time. As we strive to ensure the highest standards of security for all financial customers, our ECC operations are governed by the Central Bank of Jordan Law, the Electronic Transactions Law, and rules, instructions, and regulations governing the work of Electronic Clearing in Jordan.
How It Works
The client deposits the cheque at their bank
The bank converts the cheque to data and an image using the Electronic Cheque Clearing Unit (ECCU)
ECCU sends the cheque to the drawer’s bank to submit the transfer request
Receiving bank responds with the acceptance or rejection of the cheque
Cheque amount is credited into the payees’ account
Benefits
For Banks
This service is the perfect way for banks to reduce costs and risks associated with cheque payments. During business days, cheques can be deposited, with the financial position of the issuing bank verified, allowing for a secure and efficient transfer of funds, and improved archiving and reporting.
For Customers
This service benefits end users and financial customers by offering the convenience of same-day cheque collection, depending on the deposit time. In addition, customers and users of this service can get immediate assurance of their cheque's acceptance or rejection status.