BoU launches a new automated clearing house system

Effective April 20, 2018, Bank of Uganda (BoU) will begin operation of a new Automated Clearing System. The new system will provide a fully Automated Clearing House with a cheque truncation capability. Cheque truncation involves exchanging electronic cheque images in the clearing process instead of exchanging actual physical cheques. “Under the new Automated Clearing System, cheques presented for payment will be scanned by the collecting banks and the resulting high definition images, together with relevant electronic data, will be transmitted electronically to the paying banks through the Clearing House,” said Governor, Prof. Emmanuel Tumusiime-Mutebile  in a press statement issued on April 10, 2018.

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