Malaysia’s cheque clearing system will be driven by the transmission of cheque images and data between banks and the clearing house as compared to the current physical exchange of cheques, effective today. This is part of the Cheque Truncation and Cheque Conversion System (CTCS) initiative. From Sept 1, only the newly-designed cheques conforming to the eSPICK Cheque Design Standards and Specifications will be accepted by banks for clearing. Consumers are advised to exchange their unused old-design cheques for the new-designed cheques with their respective banks. Outstation and local cheques will be cleared on the same day and funds will be credited to the depositor's account no more than two days later. However, in Kelantan and Terengganu which have different weekend bank holidays, cheques deposited on Sunday will require an additional working day for funds to be made available into the depositors' accounts. Bank Negara added that consumers and businesses will no longer need to pay commission fees for outstation cheques. (BT)