"We have initiated the study of the pertinent reforms to the Code of Commerce, with respect to the truncation of checks", mentioned Dania Gonzalez president of the Commission.

Check truncation refers to the procedure by which the physical exchange of the check is reduced or eliminated, being replaced in part or in its entirety by electronic records or electronic images of the check, processed and transmitted through the payment system.

This initiative is framed within the policy of "Financial Justice", from this Commission to facilitate financial processes in the country.

The parliamentarian also stated that checks are the second most used payment tool in the country, which is kept in physical format and has the disadvantage that it can take up to 72 hours to be cashed in a financial institution due to the fact that weekends are not working days for banks, or in the case of cashing a check in a different bank than the one where it was issued, this may take up to one day of processing, according to the digital update processes carried out by the Banco Central de Reserva in 2021.

In the next sessions, the heads of the Superintendence of the Financial System and the Banco Central de Reserva will be called so that they can describe the technical contributions necessary to be able to apply this reform.

Translated by: A.M