Electronic Cheques Clearing Unit (ECCU)
Electronic Cheque Clearing Unit
In 2007, the Electronic Cheque Clearing Unit was launched, significantly improving upon the existing cheque clearing services to allow cheques to be collected on the same day at the bank level. In 2023, the ECCU was upgraded, unlocking more features to banks and increasing its operational efficiency. The ECCU operations are governed by the Central Bank of Jordan Law, the Electronic Transaction Law, and the rules, instructions, and regulations governing the work of Electronic Clearing in Jordan.
How it works
Through electronic cheque clearing, original paper cheques are converted into images for the electronic processing of financial transactions between banks. It entails transmitting data, pictures, and cheque codes via the Electronic Cheques Clearing Unit and calculating the net balances that arise from this procedure at a particular moment.
Cheques remain a prominent payment instrument in the Jordanian economy, with around 7 million cheques used annually, constituting a total value of approximately 40 billion JOD. As such, the Electronic Cheque Clearing Unit is considered a pivotal component of the financial ecosystem.
The Electronic Cheque Clearing Unit is the perfect solution for banks to decrease transportation and manpower costs, while eliminating cheque loss and fraud risks. This system works during working hours and allows for cheques to be sent at any time, no matter the volume. Furthermore, the ECCU verifies the financial position of the issuing bank, ensuring the safe and efficient transfer of funds. Plus, its archiving and reporting capabilities have been improved, making it easier to monitor and improve data analyses.
ECCU in Numbers
Last updated: 1/11/2023