Saudi Gazette report
RIYADH — The Saudi Central Bank (SAMA) announced on Thursday the addition of the Electronic Check Clearing System (ECCS) service to the list of e-services offered on its website. The service aims to complete check clearing within one business day.

The ECCS digitizes the traditional check process, converting paper checks into secure images and data for faster, automated exchange between banks, eliminating physical movement and speeding up fund availability while reducing costs and fraud risks.

This system uses Magnetic Ink Character Recognition (MICR) and image-based processing to process transactions, enabling quicker clearing and settlement than manual methods.

SAMA said in a press release that the initiative aligns with the Central Bank’s digital transformation strategy framework, which seeks to deliver automated services to individuals and entities through a secure and unified digital portal. The e-Services Portal provides digital alternatives to traditional transaction methods, enhancing user experience through faster processing, easier access, and advanced data protection measures.

Since its launch, the e-Services Portal has been offering several electronic services. These services include inquiring about accounts, deposits, and safe deposit boxes of deceased persons; filing complaints against financial institutions; requesting the exercise of personal data subject rights; joining SAMA's Regulatory Sandbox; and requesting non-objection for leadership positions. Additional electronic services will be introduced in due course.