Krungsri Image cheque clearing service

Krungsri Image cheque clearing service

ICAS: Image Cheque Clearing and Archive System

ICAS is …
  • New cheque clearing system with reference to cheque images
  • Submitting banks cheque is deposited submits the cheque image to the settling bank to verify  completeness of payments
  • The system is established by cooperation between the Bank of Thailand, commercial banks, and financial institutions providing cheque-related services with an aim to reduce cheque collection timeline from 1-5 days to 1 business day.

ICAS benefits to cheque bearers
  • Enhanced cash flow flexibility. Cheque bearer is notified of the collection result in 1 business day after cheque deposit date.
  • Extended time for cheque deposit. Imaged cheques reduce the logistics of cheque submission, enabling banks to extend cheque deposit hours for customers.

Are seal / embossed seal / colored seal are required for cheque payment
  • Seal / embossed seal / colored seal are not legally required for cheque payments.
  • Although the Memorandum of Association may determine signatory conditions that the company seal is required, the cheque payment of juristic person can be made based on the signature conditions as agreed with banks where the company seal may not be required.
  • Account opening of juristic persons shall comply with the authorization requirements as described in the Memorandum of Association.

Requirements for cheque payers
  • Ensure adequate sum for settlement as of date of cheque in order to ensure timely payment in accordance with faster cheque clearing.
  • Do not edit information of a cheque to prevent any information manipulation frauds.
  • Do not punch payment amount or punch holes on cheque. Do not use red-ink pen or chemical pen to write on cheque.
  • Cheque amount should not exceed THB 1,000 million (Larger payments should be transferred via the BAHTNET system)
  • Payer should contact servicing banks to cancel the use of company seal / embossed seal / colored seal as part of the cheque payment condition since such seals may block the view of significant information on cheque.
  • Any use of seals on cheque would result in the higher cost of cehque books charged by banks as the seal may block the view of significant information on cheque that cause the settling bank to require the actual cheque for verification. In such cases, payments may be delayed from normal timeline. Bearers may find it in convenient and may be prone to decline sealed cheques.
  • Safeguard cheque in secure places and notify banks immediately in case of loss.
The ICAS was implemented in Bangkok and vicinity in 2011 and was rolled out nationwide in 2012.

For more details,
please contact the Payment and Bond Department, Bank of Thailand at
Tel. 0 2283-6111, 0 2283-5055, 0 2356-7380, 0 2356-7381 l www.bot.or.th

Plan your money

The earlier you start saving and investing, the wealthier you will be.