Cheque clearing system hit by technical glitch

A TECHNICAL glitch has felled Singapore's cheque clearing system, and funds will only be available after 4pm on Wednesday.

Banks were alerted to the issue at about 11am on Wednesday morning. There will be delays to cheque clearing facilities.

This is the first time the cheque clearing system has been hit.

The Singapore Clearing House Association (SCHA) establishes, manages and administers clearing services and facilities for cheques.

It provides the Singdollar and US dollar cheque clearing, and interbank GIRO clearing services, through the Automated Clearing House, which is operated by Banking Computer Services.