Electronic Cheque Clearing (NCHL-ECC) is an image-based, cost-effective, MICR (Magnetic Ink Character Recognition) cheque processing & settlement solution where an original paper cheque is converted into an image for electronic processing of the financial transactions between participating member Banks/FIs. The physical movement of the cheques are truncated or stopped at the level of the presenting bank in the NCHL-ECC System. The cheque does not physically travel to the clearing house or to the paying branch as it used to do in the manual clearing process, resulting in faster and easier processing of the cheque transactions.
Customers can present the cheques at the nearest branch of its bank, who will process the transactions using NCHL-ECC.
Regular Cheque Clearing support clearing of cheques of up to NPR 200 million in case of NPR cheques from Sunday to Friday and up to 2 million in the case of USD, GBP and EUR cheques from Monday to Friday. The presentment cut-off time is at 15:00 and the paying bank response cut-off time at 17:00 with the final settlement after 17:15 such that the customer account is credited within 17:30 from Sunday to Thursday. Whereas the presentment cut-off time for the Friday session is at 12:00 and the paying bank response cut-off time is at 13:30 with the final settlement after 13:45 such that the customer account is credited within 14:00.
Express Cheque Clearing is a special clearing session of short duration for processing urgent cheques for settlement within 2 hours window from presentment to final settlement thus allowing the Banks/FIs and their customers to present and realize their cheques faster. Express cheque clearing supports clearing of cheques of up to NPR 200 million in case of NPR cheques and up to 2 million in case of USD, GBP and EUR cheques.
Currently, the 1st, 2nd and 3rd Express Clearing Sessions are available from Sunday to Friday with NPR sessions available on all business days and USD, GBP and EUR sessions available only from Monday to Friday. The last presentment cut-off time in Express Session is at 13:00 from Sunday to Friday.
High Value Cheque Clearing is a special clearing session for presentment of high value cheques of above NPR 200 Million to 300 Million in case of NPR cheques and above 2 Million to 3 Million in case of USD, GBP and EUR cheques. The presentment cut-off time is at 15:00 and the paying bank response cut-off time at 16:00 with final settlement at 16:15 such that the customer account is credited within 16:30 from Sunday to Thursday. Whereas the presentment cut-off time for Friday session is at12:00 and the paying bank response cut-off time at 13:00 with final settlement at 13:15 such that the customer account is credited within 13:30
