Economy, Business And Markets

Chekavak Goes Nationwide

Chekavak Goes Nationwide Chekavak Goes Nationwide

Iran’s e-check system, Chekavak, will go online nationwide on May 26. The new system is aimed at reducing the number of bounced checks and making transactions more secure, the Central Bank of Iran Valiollah Seif has announced. With Checkavak going online, the verification of checks and the clients’ financial status will be computerized and can be accessed instantly by banks. The system initially became operational in Tehran on December 27, 2014 and continued to cover 27 of Iran’s 31 provinces till the end of March, leaving Khorasan Razavi, Isfahan, Fars and Yazd provinces out of Checkavak’s reach. The latter provinces will be covered by the online system as of May 26. CBI officials say the system will improve time-efficiency and once it goes operational nationwide, all check books will be standardized in size and formatting.