Cheque Truncation and Conversion System (CTCS)

The CTCS was initiated in June 2007 by Bank Negara Malaysia. A national project that is expected to bring about an era of modern banking with the vision for a secure, efficient, and convenient payment system for paperless clearing of cheques. E-payment is enhanced. The system uses electroniac imaging and the Magnetic Ink Character Recognition (MICR) data of the cheque to process clearing. With the digital data, efficient payment transactions are efficiently quicker. People may even be able to get their payments in their accounts as fast as within 24 hours of the cheque being banked-in. Way to go Bank Negara!