Bangladesh Automated Cheque Processing Systems (BACPS)
Bangladesh Automated Cheque Processing Systems (BACPS) has started its 'Live Operation' on 7th October 2010. BACPS operations cover all the clearing regions of Bangladesh (Dhaka, Chittagong, Rajshahi, Khulna, Barisal, Sylhet, Rangpur & Bogra) and 33 chest-branches of Sonali Bank which used to carry out the clearing functions for Bangladesh Bank. Besides, some other areas like Savar EPZ, Tongi, Syedpur and Keranigonj have been brought under BACPS coverage, which are selected based on volume and importance of their transactions. BACPS uses the Cheque Imaging and Truncation (CIT) technology for electronic clearing of the paper-based instruments, i.e. cheque, pay order, dividend & refund warrants, etc.
The system conforms to the international best practices and also represents the most cost¬-effective solution for cheque processing throughout the country. The clearing cycle has been brought down to t+0 for high value cheques and t+1 for regular value cheques throughout the country.
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| At present 1,500,000 (appx.) regular and 90,000 (appx.) high value cheques & other instruments are cleared per month through BACPS which is 95 percent (appx.) of all the clearing instruments that are cleared through clearing house. Total amount of regular value instruments cleared is approximately BDT428 billion and it is approximately BDT387 billion for High Value instruments per month.
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