The Automated Check Clearing system has been created to make the clearing and payment systems in Cape Verde more effective and efficient.
This system is based on a single financial settlement nationally, interbank circulation of check images and consequent absence of physical exchange of documents, which helps to reduce costs while also offering banking system customers a great advantage, which is to have their funds available on the business day following the day the checks were submitted for payment, regardless of the agency/branch where it was submitted.
The return occurs at the end of the next business day, in case of insufficient funds or other reason that does not allow the payment to be finalized.
The Automated Check Clearing system is directed at all credit institutions authorized to operate in Cape Verde, the Treasury and Banco de Cabo Verde, the latter as participant and financial settlement agent, and SISP, as the entity that processes the clearing service and renders the communication service required to operate the system.