This is the process of capturing and transferring the electronic images of cheques received at banks to the drawee branch along with other relevant information like the Magnetic Ink Character Recognition (MICR) Codeline, the date of presentation, the presenting bank etc. All images and data files are transmitted over a dedicated network connecting all the Clearing House Gateways (at member banks) to the Clearing House (at GhIPSS).
There is greater responsibility on the collecting/presenting bank as clearing is based on images and MICR codeline data. Banks are to enforce Know Your Customer (KYC) norms and requirements. They are also to observe all precautions which a prudent banker ought to under the circumstances, e.g. the apparent tenor of the instrument, its physical feel and any tampering visible to the naked eye with reasonable care, amongst others.
This is the process of returning cheques that could not be honored to the presenting banks. The electronic images along with other relevant information like the Magnetic Ink Character Recognition (MICR) Codeline are returned.
Drawee banks are required to observe all precautions which a prudent banker ought to under the circumstances, e.g. the apparent tenor of the instrument, any alterations visible to the naked eye, sufficient funds in the drawer´s account and accuracy of the drawer´s signature.
This is the transfer of the Net value received by each bank into their interbank accounts held at the Bank of Ghana. The Net value is derived by subtracting the total value of cheques presented from total value of cheques received and could result in either a debit or a credit. A bank receives a DEBIT when the total value of cheques it presents is less than the total value of cheques it received from other banks. However a bank receives a CREDIT when the total value of cheques it received is less than the total value of cheques it presented to other banks.
Customer accounts are credited at the end of the Return session. Based in the CCC clearing cycle of D+1 customers shall receive their funds on the third day from the day the cheque was deposited. However if the cheque was cleared using the CCC Express cycle then the customer receives the funds on the same day.
|TRANSACTION TYPE||SESSION NUMBER||OPEN||CLOSE|
|CCC PRESENTMENT||SESSION 1||
|CCC Returns||SESSION 3||14:00||16:00|
|Express CCC PRESENTMENT||SESSION 9||11:00||12:00|
|Express CCC Returns||SESSION 11||13:00||14:00|