The deputies of the Financial Commission issued a favorable opinion to reform the Commercial Code, so that the physical exchange of checks is eliminated and replaced by the digitalization of the same, known as truncation of checks, so that the payment to its holder is more expeditious.
When the reform is approved in the next plenary session, the check payment procedure will be streamlined.
Once this document is received by the financial institution that will pay the check, the information is captured and converted into a digital image.
The president of the legislative board, representative Dania González, stated that for now the physical exchange of checks is the second most used exchange method throughout the country in businesses, entrepreneurs and large companies.
The legislator added that “with the reforms to the Commercial Code we seek quick clearing of checks that does not take up to five days, which is the most common currently.”
The deputy of the Cyan Caucus, Bladimir Barahona, stated that “now the payment (by check) can be made electronically. This will generate significant savings.”