The working hours of the Chekavak system will change to improve liquidity management and enhance transparency in the interbank settlement cycle. This decision has been announced specifically for processing secured checks, and thus, the exchange of these types of checks will be conducted separately from regular checks.
Separation of Regular and Secured Checks
According to the announced plans, the working hours of the Chekavak system will be revised from the beginning of October 2026. With these revisions, the separation of secured (guaranteed) urban and intercity checks from regular checks will be fully implemented starting from the seventh of October.
This separation aims to reduce settlement risks and to distinguish large and immediate liquidity flows from regular transactions. Thus, the Chekavak system will continue its operations with the goal of better control and reducing financial risks in interbank processes.
New Guidelines for Banks
The Central Bank has instructed all operational banks to organize the receipt and transmission of data related to secured checks according to the new schedule. This will be done while adhering to the time limits for acceptance and processing to provide the best services to clients and account holders.
The above changes will not only help improve the efficiency of the Chekavak system but will also increase public trust in the banking system and interbank settlements. With the implementation of these changes, the check settlement process will be facilitated, and clients will face fewer issues in receiving their funds.
Thus, the new developments in the Chekavak system represent a positive step towards improving banking services and liquidity management in the country. Experts believe that these changes can significantly help reduce financial problems and facilitate banking processes.
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