New ChequeScore app to help reduce bounced cheques

Date:

CHOOSE YOUR CHOICE GIFT CARD OFFER TODAY


Al Etihad Credit Bureau (AECB) has launched ChequeScore, an mobile application that allows both businesses and individuals to instantly know how likely a cheque issued through a UAE-based bank is to bounce.

CHOOSE YOUR CHOICE GIFT CARD OFFER TODAY

Available on both iOS and Android devices, ChequeScore allows users to scan a cheque, upload a cheque image, or enter the cheque data manually. By completing the purchasing process, the user will immediately be shown the Cheque Score – a score ranging from 1 to 99 percent indicating the probability of a cheque to bounce in the next nine months. The score is also colour-coded, with the low probability to bounce coloured in green, medium probability to bounce in amber, and high probability to bounce represented in red. The Cheque Score is calculated using the issuer’s Credit Score, another product provided by AECB, with cheque issuance and clearance history, on-time payment patterns, and other factors considered that support the predictive nature of this score.

According to the UAE Central Bank’s Image Cheque Clearing System (ICCS), there were 21 million cheques issued in the UAE in 2021, with an average value of AED 51,000 per cheque, with a total value of AED 41.6 billion not fulfilled as a result of cheques bouncing from individuals and companies. ChequeScore, in effect, will serve to lower the number of bounced cheques, and provides a push for financial responsibility as that previous element of criminalization has been removed.

CHOOSE YOUR CHOICE GIFT CARD OFFER TODAY

“ChequeScore will help reduce the number of bounced cheques in the UAE”, said Marwan Ahmed Lutfi, Chief Executive Officer of AECB. “Last year, bouncing a cheque was a criminal offense; however, with the new law decriminalizing this in the beginning of this year, it has become imperative that UAE businesses and individuals assess the risks associated with cheques they have on hand. ChequeScore addresses this uncertainty, and not only is the application intuitive, but fast as well, as it will indicate the probability of a cheque to bounce in mere moments.”

While ChequeScore is being made available to the public now, the application went through months of rigorous trial testing before launch to ensure a smooth and hassle-free customer experience. During the trial period, more than 11,000 cheques a total value of AED 788 million were scanned through the application.

CHOOSE YOUR CHOICE GIFT CARD OFFER TODAY



Source link

CHOOSE YOUR CHOICE GIFT CARD OFFER TODAY

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related