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Approved a law allowing to put the checks through the Internet

The Knesset approved in final reading the law on electronic clearing, you can put cheques in the Bank in digital format, without having to deliver them to a Bank branch.

Within the law, customers will be able to scan the receipt or photograph it with your smartphone and send e-mail to the Bank. In case of return of the cheque the client will receive the corresponding digital copy, with which you can contact the Institute of bailiffs to recover the debt.

The new law cancels the need for the physical delivery of the cheque to the payee’s Bank and its subsequent transfer to the Bank of the Issuer that, according to the Bank of Israel, should reduce by 75% the fees for processing checks. In addition, this will speed up the process of completing the transaction from three business days to one business day.

It should be noted that some banks have started allowing customers to attach scanned images of checks even before the adoption of the law, but thus it was possible to put a check only in the case that the owner of the cheque and the payee were customers of the same Bank.

Approved a law allowing to put the checks through the Internet 03.02.2016

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