Singapore Automated Clearing House
The Singapore Clearing House Association (SCHA), formed in December 1980, is an association to establish, manage and administer clearing services and facilities for cheques as well as debit and credit items of its members. It comprises MAS and the commercial banks in Singapore that wish to become members. As of 31 Dec 2010, the SCHA has 46 ordinary members and 51 associate members. The SCHA establishes the rules on the rights and responsibilities of participating banks, and provides SGD Cheque Clearing, USD Cheque Clearing and Interbank GIRO Clearing services, through the Automated Clearing House (ACH), which is operated by Banking Computer Services Pte Ltd (BCS) since 1981.
Section 59 of the Banking Act allows MAS, in conjunction with the banks and other financial institutions, to establish a Clearing House to facilitate the clearing of cheques and other credit instruments, and regulate its operation. The Payment Systems (Oversight) (Singapore dollar cheque clearing and interbank Giro) Regulations 2006 pertains to clearing house operations. A link to the legislation may be found in the Key Resources link below.