In order to facilitate payment flows arising from E-Commerce, to enhance the efficiency of the payment system and to meet the needs of diversified business transactions, the Central Bank initiated the “Electronic Check (eCheck) Development Plan” and submitted it to Council for Economic Development and Planning of Executive Yuan for approval in December 2000. The proposal was passed and became one of the national projects for “development of knowledge-based economy in Taiwan”. The Taiwan Clearing House (TCH) was then assigned to implement this project. Under the guidance of the Central Bank, Ministry of Finance and Ministry of Economic Affairs, TCH in collaboration with the Bankers Association and several representatives from the banking industry have established a set of rules and mechanisms for the operation of eCheck.