Barclays Bank Adopts Technology to Clear Cheques On The Same Day

Barclays Bank of Kenya has great news for its customers especially those that transact in cheques as they will be reflecting on the same day they are delivered as long as the delivery is done before 4 pm.

In a notice sent to its customers, Barclays said that it will start clearing Barclay’s cheques on the same day they are delivered only if they are deposited before 4 pm. This new directive would be implemented on 11th March 2019.

Barclays further clarified that the new directive would apply to cheques denominated in Kenyan Shillings, British pounds, Euros, and US dollars.

Business owners, known to be frequent cheque users, are bound to welcome this new move as they can now transact with more ease.

Barclays, which prides of presence in 38 counties and 84 branches, will be breaking a norm of the majority of the Kenyan banks where a cheque takes approximately 3 working days to clear in local currency.

The Kenya Bankers Association recently announced upgrades of the Automated Clearing House (ACH) which will enable banks to transfer funds electronically verify and settle cheques. Banks will also be in a position to carry out direct debit instructions after the upgrade.

The upgraded system will see banks clear local cheques on the same day while foreign currency cheques will clear in two days from the current seven days.

The ACH system is aimed at increasing liquidity in the banking industry while boosting financial activity in the Country.