Economy, Business And Markets

New Checks

New Checks New Checks

Central Bank of Iran is making preparations to issue checks that can be deposited into the holders’ account by scanning them at ATMs, manager of the CBI’s Payment Systems department, Davood Mohammadbeigi said, Istanews website reported. The CBI is to launch a new scheme called “Sayyad” which will improve the security features of checks and add a two-dimensional barcode on the checks that contains much of the relevant data. Mohammadbeigi asserted that the banks will be given time to deal with the pile of checks already in circulation before the new checks are gradually introduced. He mentioned the possibility of electronic processing of checks and increased security as the reasons behind the plan. CBI is also planning to launch ‘electronic checks’ in the next five years.