jordan pulse -

Data from the Central Bank of Jordan revealed an increase in the value of checks traded in Jordan last year, reaching JD 55.4 billion (whether within or outside the electronic clearing system), marking a 2% rise in value and a 1% increase in the number of checks. The total number of checks reached 10.4 million compared to 10.3 million checks worth JD 54 billion in the previous year, 2022.

According to the Central Bank's data, the value of checks traded in the electronic clearing center (ECC) amounted to approximately JD 41 billion in 2023, with the number of checks reaching 6.86 million.

The total value of returned checks amounted to 221 thousand checks, representing 3.2% of the total value of checks traded last year, with a value of JD 1.3 billion.

The reasons for the return of checks vary between technical and financial reasons, with 66% of the returned checks due to financial reasons and 34% due to technical reasons.

The electronic clearing system aims to minimize the increase in the number of returned checks and stop the circulation of paper checks for clearing purposes at the point of deposit in banks.

The Central Bank has implemented technical and security specifications for checks over the years to reduce check forgery and facilitate the detection of counterfeit checks by licensed bank employees in Jordan. This has also increased the efficiency of check exchanges by standardizing data locations and enhancing customer confidence in the banking system through reliable payment methods.