Central Bank makes adjustments to the system to turn checks into cash

BCE

The Central Bank of Ecuador (BCE, for its acronym in spanish) accepted yesterday that the compensation Chamber system of checks (SCCC, for its acronym in spanish) had to deal with contingencies in one of the 17 zones of the country, which means the process that allows to make effective interbank checks in 24 hours and the cooperatives in 48 hours, which was announced last month, are having failures.

The institution explained that the most affected area was Quito, and added that Guayaquil had no contingency, and reported that the SCCC will overcome this drawback starting next Monday.

“The transitory inconvenience of today will enable permanent benefits in the future,” said the ECB in a statement.

Cesar Robalino, Executive Chairman of the Association of Private Banks of Ecuador (ABPE), said that it has been suggested that the process be resumed next January to avoid problems in December, a month with increase movement.

Robalino says that banks are prepared for the new process, however, said that the platform of the ECB is not ready yet.

Ricardo Cuesta, Executive Chairman of Banco Promerica, said that private banks and the ECB have made a significant investment in the digitization of checking system, and expects that it  can  be resumed in an agile way.