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Businesses and individuals in the UAE can now instantly know on a web portal how likely a cheque issued through a UAE-based bank will bounce.
The UAE residents and businesses can now visit Al Etihad Credit Bureau’s (AECB) website to know the probability of a cheque bouncing.
AECB is mandated to collect credit information on individuals and companies from financial and non-financial institutions in the UAE.
AECB’s ChequeScore went through months of rigorous trial testing before launch to ensure a smooth and hassle-free customer experience. During the trial period, more than 11,000 cheques with a total value of Dh788 million were scanned through the application.
In February 2022, Al Etihad Credit Bureau had launched a mobile app that allowed users to instantly assess the risk of a cheque bouncing. Since launching in February, ChequeScore mobile app downloads soared to 21,532 in just over a month. The overall value for all cheques scanned amounted to over Dh815 million.
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Now available on the AECB website, ChequeScore showcases more access and interaction possibilities, with user traffic projected to rise tenfold.
ChequeScore, in effect, serves to lower the number of bounced cheques and provides a push for financial accountability. Once users register on it, they can scan a cheque, upload its image, or enter the data manually.
After the purchasing process, the user will immediately be shown the Cheque Score - ranging from 1% to 930 indicating the probability of a cheque bouncing in the next nine months.
The Cheque Score is calculated using the issuer’s Credit Score, another product provided by AECB, with cheque issuance and clearance history, on-time payment patterns, and other factors considered that support the predictive nature of this score.
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