Payment Systems
Friday, 13 October 2017 14:50

To facilitate the efficient clearing and settlement of interbank paper payment instruments throughout the country, cheques and other paper payment instruments were standardized to make them amenable to automated processing. The standardization included dividing the country into 11 clearing zones, with each zone having its clearing house; assigning a 6-digit unique sort code to each bank branch; and MICR-encoding paper payment instruments presented to the clearing house. A 6-digit unique sort code is also printed on all paper payment instruments.

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