TRNC launches electronic check system: interbank settlements expedited to a few hours

The TRNC banking sector is transitioning to a digital check processing system. As announced by the President of the Banks Association, Olgun Önal, the electronic check clearing system (ECCS) will officially start operating in the country on May 21.

The new platform will completely transform the interbank settlement procedure: paper checks will no longer be physically transported between banks, and all operations will shift to a digital format.

According to Önal, thanks to the system, check processing time will be reduced from two days to just a few hours. Transactions initiated in the morning will now be completed on the same day — tentatively by 14:30.

This means that check recipients will be able to use the incoming funds as early as the afternoon, while clients who issued the checks must ensure that funds are available in their accounts by the specified time.

The Banks Association notes that the launch of ECCS will make financial transactions faster, safer, and more convenient. The digital system is also expected to reduce the risks of check loss, theft, or damage, and help companies and private clients plan their cash flows more efficiently.

The project was implemented jointly by the Central Bank of the TRNC and the Banks Association of Northern Cyprus. Olgun Önal thanked the software developers, technical teams, and the Central Bank for their involvement in creating the new platform.

Experts point out that the transition to electronic clearing is a major step forward in the digitalization of the TRNC banking sector, bringing the local financial system closer to modern international standards for payment processing.