Automated Cheque Processing (ACP)

What is ACP?

Automated Cheque Processing (ACP) is another component of the ACH that allows for faster cheque clearing. Paper cheques used to be processed manually, a process that took up to seven days to clear. With ACP, deposited cheques are cleared by the end of the next day if deposited by 2:00p.m.

How does ACP work?

With APSSS, you deposit your cheque just as normal. However, the clearing process is now automated. Banks receiving cheque deposits will create a digital image of the cheque, and send this image along with relevant information on the MICR band to the other bank for processing. The new process, called cheque truncation, will eliminate the need for further handling of the physical document, creating a more efficient way of processing cheques.

What are the benefits of ACP?

With APSSS, ACP benefits consumers by:

  • Making funds available faster;
  • Allowing quicker access to the digital image of their processed cheques; and
  • Detecting potential fraud sooner.

What you need to know about cheques:

Belize adopted the Canadian Payments Association standards for MICR encoded cheques. All cheques issued in Belize must adhere to this standard.

All of the information on a cheque is important, so make sure that bank tellers, payees, and check scanners can get the details they need. The correct date, payee name, amount in figure and in words, and signature are absolutely essential. Handle your cheques with care; do not fold or write in the MICR line area.

sample check image

1. Payee Line

On this line, you should enter the name of the person or organization that you want to pay (known as the payee).

2. Dollar Box

The amount of the cheque is written here in numerical format. Using a black or blue ink pen, write the amount of your cheque using numbers

3. Amount of a Cheque Written out with Words

On this line, write the amount of your check using words (instead of numbers).

4. Date Line

Enter the current date in this space.

5. Signature Line

Sign the cheque at the line on the bottom right-hand corner.

6. MICR Line

The magnetic ink character recognition technology uses a special ink to verify the cheques. Protect the MICR Line. This line serves to communicate information about your bank and bank account. These numbers are written with magnetic ink in a font that is easily read by computers. This makes cheque processing faster. It is important not to write in this area, as well as not to fold the cheques, which may interfere with the scanning of the cheques.

7. The Cheque Number

A cheque number is simply a reference number that helps you keep track of the cheques you write. This number usually appears in two places: in the upper right-hand corner, and in the MICR line.