In an important step towards improving the banking system in Tunisia, the Central Bank is overseeing the establishment of the unified digital platform for check transactions. This platform aims to simplify and facilitate check-related banking operations while ensuring security and transparency in financial transactions.
The Importance of the Digital Platform
The digital platform is a significant step in improving and simplifying check transactions in Tunisia's banking sector. It will enhance financial operations, making them more efficient and secure by integrating all banks through an interconnection mechanism. This will enable seamless integration between the banks.
Services Provided by the Digital Platform
Upon the activation of the digital platform, customers will benefit from a range of free electronic services that will facilitate easy access to information related to their financial accounts. Some of the key services provided by the platform include:
-
Instant Verification of Funds: The check beneficiary will be able to instantly verify whether there are sufficient funds in the account or if there is any objection to the check due to theft, loss, or account freezing.
-
Notification to the Drawee Bank: The drawee bank will receive an immediate notification of the allocation of the amount specified in the check to the beneficiary, helping speed up transactions.
-
Transaction Approval Notification: The beneficiary will immediately be notified of the approval of the transaction and the allocation of the specified amount to their account throughout the check's validity period, plus an additional 8 banking days.
-
Reversing the Amount for the Drawer: If the beneficiary does not present the check for payment within the specified period, the drawee bank will return the funds to the drawer after this period has elapsed.
-
Storing Transaction Statements: All transaction statements and notifications exchanged will be stored for a minimum of 10 years from the date of the transaction.
-
Notification to the Drawer to Provide Funds: The drawer will be notified to ensure that sufficient funds are available in their account to cover the check, reducing the risks associated with financial transactions.
24/7 Availability
The digital check platform is available 24/7, seven days a week. This means that customers and banks will be able to conduct transactions and access check-related information at any time, enhancing the flexibility of Tunisia’s banking system.
Central Bank Guidelines
The Central Bank of Tunisia will issue the necessary guidelines to banks regarding data exchange through the digital platform, ensuring the implementation of required security measures to protect transactions. It will also inform the public about how to access the platform through the legal channels defined by Law No. 41 of 2024, dated August 2, 2024, which outlines the legal timeframe for the platform's activation.
Conclusion
The digital check platform represents a significant step toward advancing Tunisia’s banking system, providing numerous services that will speed up banking transactions and enhance security. With the integration of banking systems and the adoption of the interconnection mechanism, the platform will provide a more efficient and user-friendly financial environment for check transactions.
