ABU DHABI, 8th June, 2023 (WAM) In the first quarter of 2023, the Image Cheques Clearing System (ICCS) processed a volume of 5.56 million cheques worth AED 306.4 billion, according to statistics released by the Central Bank of the United Arab Emirates (CBUAE). Statistics noted that March was the busiest month with total value of cleared cheques standing at AED111.7 billion. Cash deposits at the Central Bank of the UAE reached AED 39.392 billion, including AED 39.39 billion in notes, against cash withdrawals of AED 46.325 billion, including AED 46.3 billion in notes. ICCS was introduced by UAE Central Bank to improve clearing cycles of cheques and streamline the local clearing. In order to participate in the UAE ICCS banks should have a safe, secure, efficient and robust payment application. Tariq Al Fahaam
Source: Emirates News Agency (WAM)