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Experts say that electronic checks play a role in the development of the digital economy

In the morning of November 21, the unveiling ceremony of the secure digital check system was held in the presence of the Governor General of the Central Bank, Ministers of Economy and Security, Members of Parliament and heads of banks. According to Salehabadi, the unveiling of the electronic check is the starting point: “Soon, this tool will be activated in all banks, and we hope that the banking network will increase its adoption rate quickly and we will see its adoption in businesses.”

According to the public relations information of the Central Bank, a digital check is similar to a paper check, and all the rules and regulations of a paper check are also applicable to this check, and its validity and citation depends on the electronic signature. In a digital check, paper is removed from the check and the check data is stored in the central check system, which is set up to provide a secure digital check. This system provides the possibility of online management and monitoring of check exchange for the banking network and the central bank. Also, digital signature is necessary when issuing a check or transferring it, which requires having a smartphone, but the holder of a digital check does not need to have a digital signature to cash the check.

According to the Central Bank’s public relations report, in this meeting, the Minister of Economy talked about the benefits of electronic check and its effect on economic prosperity and considered it a valuable product in the banking system. According to Khandozi, this is a sign of supporting production: “We have a key concept as a transaction cost for producers. Any policy that succeeds in reducing the cost of exchange for producers, exporters, artisans and merchants, leads to an easier and more attractive production process in the country’s economy. Among those legal and sometimes judicial problems and, unfortunately, the punishment that can be found in economic transactions, and the more the economic and legal system helps to reduce these uncertainties and the economic operator enters into the contract more easily, it helps to circulate more quickly. to occur in Iran’s economy. The electronic check, electronic promissory note and bill of exchange that we unveiled last year and the national portal of licenses all serve to facilitate production in the national economy because it helps reduce transaction costs and increases confidence. The banking network can play an important role in facilitating production in the country’s economy by increasing the penetration rate of electronic checks among the people, along with increasing the satisfaction of the people and customers and reducing the non-interest expenses of banks. He asked the heads of banks to help such products spread faster.

Also, the Minister of Industry, Mines and Trade considered the electronic check system to be effective in the development of the digital economy and said about the multi-year challenge between the Central Bank and the Ministry of Industry in the field of digital signature: “Digital check is one of the production infrastructures. It has been 10 to 15 years since the challenge between the Central Bank and the Ministry of Industry was in the field of digital signature, and in the new period, the necessary agreements were made, and soon we will see the acceptance of digital signature by the Central Bank.

In another part of this unveiling, Mehran Moharmian, vice president of new technologies of the Central Bank, said about the advantages of digital check: “The most important thing about digital check is that it can be used by different people who are not present in the digital field, and it is possible to cash it in person.” According to him, during the Corona era, up to 95% of check issuance procedures were absent and now it has reached 98%. He considered the decrease in the number of prisoners as another advantage of the new Czech laws and announced that in 2016, 10 people were sent to prison every day due to Czech judicial issues, but now it has reached one person a day. According to Mohramian, the electronic check was complex in terms of legal and technical considerations.

Currently, Parsian, Saderat and Tejarat banks have provided real customers access to electronic checks, and three banks, Kazuri, Aindeh and Mellat, are also conducting a trial run of this plan for customers. According to the Central Bank, electronic checks have more speed, accuracy and security in performance and liquidity than paper checks. High speed in registration and processing of electronic checks, no need to physically send checks, eliminating people’s worries in registering checks in the system and high security, and the possibility of stealing or distorting checks are other benefits that have been announced for it. One of the prerequisites for using Chekad system services is to be a member of the bank, install and activate our program for registering electronic signatures, and have a current account with the possibility of issuing a check book. The digital check system allows the user to request a digital check book by activating the electronic check service and introducing an electronic signature certificate. Banks’ secure electronic portals such as Internet Bank and Mobile Bank or special branch software are among the ways to access and use this system.


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