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1.
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The customer
goes to a bank to sign the uniform agreement for opening an
eChecking account.
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2.
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The customer
applies to the Certificate Authorization (CA) for the
electronic certificate through his/her bank.
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3.
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The CA issues the
financial electronic certificate to the account holder of
the bank.
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4.
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The bank verifies
and transfers the electronic certificate to the account
holder for eCheck transactions.
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5.
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The account holder
logs on the Internet bank, follows the procedures and issues
the eCheck.
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6.
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The paying bank
transmits the eCheck to TCH for custody and registration.
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7.
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TCH informs the
payee the detailed content of the eCheck and transmits the
information via e-mail.
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8.
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If the payee
wishes to transfer the eCheck to others, he/she may log on
the Internet bank and follow the appropriate procedures to
effect the transfer.
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8-1.
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The payee's bank
forwards the information of the transfer (including the
eCheck) to TCH for registration.
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9.
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TCH sends the transferee the information of the eCheck transferred via
e-mail.
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10.
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If the bill holder wants to deposit the eCheck for collection, he/she may
log on the Internet bank and follow the procedures to effect
the deposit (for collection).
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11.
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The payee's bank (collecting bank) then transmits the related message
(including the eCheck) to TCH for registration.
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12-1.
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TCH member banks submit outward clearing eChecks lists to TCH (one
business day prior to the presenting day, i.e., the
processing day) for clearance .
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12-2.
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TCH classifies eChecks by paying bank and by collecting bank on the night
of the processing day.
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12-3.
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On the clearing day, TCH produces a clearing report indicating the
outward/inward balance of each participating bank, and
forwards it to the Central Bank for settlement.
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12-4.
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After clearing, each bank downloads its inward clearing checks, detailed
checklists and the clearing reports from TCH.
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12-5.
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The paying bank debits the payer's account for inward clearing checks.
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13-1.
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On the clearing day, the paying bank forwards the electronic
"Notice of
Dishonored Checks" accompanied by the dishonored checks to
TCH for clearance.
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13-2.
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TCH sorts and tabulates dishonored checks by returning and collecting
bank.
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13-3.
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TCH produces a clearing report indicating the balance of each
participating bank, and forwards it to the Central Bank for
settlement.
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13-4.
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After the clearing report is completed, each bank downloads the
electronic "Notice of Dishonored Checks" and the
clearing report from TCH.
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13-5.
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After funds have been successfully collected, each collecting bank
credits and accrues interest for the client's account.
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