Singapore, 5 December 2000 - The Singapore Clearing House Association (SCHA) has awarded Citibank and Banking Computer Services Pte Ltd (BCS) another five-year contract for running the United States Dollar Cheque Clearing System (USDCCS) in Singapore. Citibank will be the settlement bank while BCS will be the clearing agent for the USDCCS.

2   At the contract signing ceremony held at the Monetary Authority of Singapore (MAS) today, Mr Koh Ching Ang, MAS' Executive Director for Finance, congratulated Citibank and BCS on their re-appointments. He said, "Efficient payment systems are an important and integral part of the economic and financial infrastructure. The USDCCS is one such system that allows USD transactions to be carried out quickly and conveniently, thereby promoting business activities in Singapore."

3   USDCCS allows customers to issue US Dollar denominated cheques drawn on their US Dollar accounts in Singapore. With the USDCCS, these cheques take only three days to clear and settle, compared with three weeks prior to its implementation in 1996. Mr. Terry Goh, MAS' Director for Market Infrastructure and Risk Advisory, said, "We are always looking into ways to improve the payment systems and infrastructure in Singapore in order to provide the public with better service at competitive prices. Currently, the SCHA, Citibank, BCS and participating banks are studying ways to further shorten the time taken to clear and settle USD cheques to two days. This will allow banks and customers to improve liquidity and minimise risk exposures."

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