THE FINANCIAL SECTOR:
KEY SUPERVISORY AND REGULATORY INITIATIVES
     
Content Page
Supervision
Regulation
Risk-based Regulatory Regime
Fine-Tuning Regulatory framework
Ensuring Sound Market Conduct
Innovative Systems for Efficient Payment
and Settlement
 
 
INNOVATIVE SYSTEMS FOR EFFICIENT PAYMENT AND SETTLEMENT
 
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MAS to Launch New Electronic Payment System . Payment Systems Figures
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Box 10
A SPEEDIER, MORE EFFICIENT WAY OF CLEARING CHEQUES
 
On 12 July 2003, banks in Singapore migrated to a new cheque clearing system, known as the Cheque Truncation System (CTS). CTS improves the efficiency of the cheque clearing process by eliminating the need to move paper cheques physically between banks and clearing house. Cheque images and data are electronically captured and transmitted between the banks and the clearing house. CTS is the world’s first nation-wide end-to-end image-based cheque truncation system. Its implementation was managed by the Singapore Clearing House Association.