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Rodriguez mentioned before the legislative body that with the approval of the new check cashing system there will be transactions without interruptions or delays, there will be savings in costs associated to the check cashing process with the possibility of reorienting them to the expenses of individuals and companies.
In addition, the official added that there will be greater economic transactions that will translate into increased business and employment generation, as well as allowing MSEs to manage their cash flow more effectively and providing them with quick access.
The truncation of checks 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, for which the authorities expect to save on transfer times and costs to be able to carry out cash withdrawal procedures through checks.
Translated by: A.M