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Clearing Systems

Paper Clearing System

The Paper Clearing System (PCS) covers all paper-based payment instruments. In today’s increasingly digital world, this primarily means cheques – a payment instrument that is in decline.

Payments NZ sets the rules and standards for all paper-based payment instruments processed through PCS, including the format cheques have to be in and the timeframes for processing them.

When you pay for goods or services using a cheque, and the person or business you are paying is a customer of a different financial institution to you, the money and transaction information needs to be passed between the two institutions. Like payments in BECS and CECS, this is done via SBI.

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