A. M. 
The Government of El Salvador, through the Banco Central de Reserva (BCR), has launched the modernization of the check system under the slogan “Your check today, your money now”. This new service will allow users to have the money from a check the same day, marking a milestone in the speed and efficiency of payments in the country.
The check is the second most used payment instrument in El Salvador, only surpassed by the Transfer 365 system. During last year, more than 3 million checks were issued, for a value of US$17,906.8 million, which represents more than 50% of the Gross Domestic Product and 96% of the total deposits of the financial system, according to data provided by the president of the BCR, Douglas Rodríguez.
“Today we are launching these innovative services called “Tu cheque hoy, tu dinero ahora. From this day on, all check users will be able to dispose of their money the same day, something that was previously only possible the following day”, said Rodríguez during the launching event.
The BCR president also highlighted that, until now, money from a check outside the depositor’s bank was released the following day. However, with the modernization, users will be able to access their money in less than five hours, which represents a significant advance in the speed of financial transactions.
It was indicated that those who present their checks between 11:01 a.m. and 2:00 p.m. will receive their funds at 3:45 p.m., while users who present their checks between 2:01 p.m. and 5:00 p.m. will be able to use their funds at 6:45 p.m.
“We are complying with the mandate to use technology and innovation to improve the services we offer to the population” said Rodriguez. “This day, we are changing the way checks are released,” he said, highlighting the importance of this upgrade to the country’s financial infrastructure.
This new service is part of the government’s efforts to modernize and streamline financial services, facilitating fast and secure access to money for Salvadorans, and strengthening confidence in the national banking system.
