SBP starts image-based cheque clearing pilot on 15 October

SBP starts image-based cheque clearing pilot on 15 October

5 October 2026: The State Bank of Pakistan will start clearing cheques from scanned images instead of paper on 15 October, in a pilot of the Pakistan Express Clearing System, or PECS. Banks that clear through the NIFT clearinghouse have until 30 April 2027 to be ready for nationwide coverage.

Not yet independently verified. The State Bank of Pakistan site blocked our request, so the circular itself was not read; the dates come from three news reports that agree. We will link the circular when it can be opened. We will update this when it can be confirmed, and remove this note.

The system is based on cheque truncation. The presenting bank captures an image of the cheque, sends it to the clearinghouse, and the clearinghouse passes it to the paying bank, which makes its decision on the image and the accompanying clearing data. The physical cheque stays with the presenting institution. Geo News reports that banks can capture images at branch level or use bureau capture through NIFT.

The central bank's circular, issued by its Digital Innovation and Settlements Department according to the Associated Press of Pakistan, sets three stages:

• 15 October to 15 November 2026: a pilot with selected clearinghouse participants.
• 16 November to 31 December 2026: extension to the remaining members.
• By 30 April 2027: nationwide coverage across all NIFT members.

During the pilot an additional daily clearing cycle will run, and ProPakistani reports that reports for it are due to the central bank by 3 pm. The Associated Press of Pakistan says the pilot is limited to designated participants and will expand across branch networks as it goes.

Financial institutions are told to build the infrastructure to capture and send images, train staff, name focal persons, keep to the timelines and customer-service standards, and report their progress to the central bank. The circular asks that the rollout happen without disruption to customers.

For banks and for software suppliers to them, the 31 December date is the first hard checkpoint, because every member is meant to be in the system by then even though coverage is not complete until April.

Sources

• Associated Press of Pakistan: SBP set to launch Pakistan Express Clearing System, 5 October 2026
• Geo News: SBP to begin electronic cheque clearing pilot from Oct 15, 6 October 2026
• ProPakistani: Why your cheque will clear faster starting October 15, 6 October 2026