More than 8,000 checks cleared in less than 5 hours in El Salvador

Since the activation of the service “Your check today, your money now”, more than 8,000 checks have been cashed in less than 5 hours, reaching a total amount of US$44.05 million, according to data provided by the Banco Central de Reserva (BCR). This progress has allowed salvadorans to dispose of their funds in a more agile manner, thus contributing to the dynamization of the national economy.

This improvement in the check clearing system is available through 19 participating institutions. As a result, El Salvador is positioned as the first country in Latin America to release check funds from other banks in less than 5 hours, marking a milestone in the modernization of financial services in the region.

Likewise, the President of the BCR, Douglas Rodríguez, indicated that the daily average, in december of last year, in checks was US$71.5 million.

The Government of El Salvador has promoted this initiative, which places El Salvador as the second country in Latin America in releasing funds from foreign checks the same day they are presented for collection, according to data from 11 countries that have implemented the exchange of check images.

This modernization of payment systems seeks not only to improve financial efficiency, but also to strengthen users’ confidence in banking services, which translates into a positive impact on the country’s economy.