The electronic clearing of the debt instruments (checks, promissory notes and drafts)

About PAID 07 - The electronic clearing of the debt instruments (checks, promissory notes and drafts)

The PAID 07 represents the project of implementation of the electronic clearing of the debt instruments in RON. The electronic payment system SENT operated by TransFonD will transpose in an electronic format the relevant information from the paper document.

The new compensation system of the payment instruments started on the 10^th of October 2008.

The clearing of the electronic image of debt instruments will have the same effects as presenting the original paper document issued based on the legal regulation constrains.

Main changes

The main changes brought by the new regulation and that impact the activity of your company are as follows:

• It will be changed the form, way of filling the form and of clearing the debt instruments - checks, promissory notes and drafts - in a way that allow the electronic clearing.
• The new form for the debt instruments includes one face and it is eliminated all regulations related to the back of the paper document. The entire information will be written down on the face of the debt instrument. For this reason all regulations related to the extension of the sheet has been canceled.
• Signatures from debt instruments have been clearly defined. It has to be written down the name and surname in clear and the signature of the drawee. The capital letters should be used in filling the debt instruments and small letters are possible only related to the amount expressed in letters.
• Postdating of the check is not anymore regulated by the low, which means that one check can not be presented for clearing sooner than the date pointed out as the issuing date.
• The maturity of checks issued and paid in Romania was set at 15 days.
• The promissory notes and drafts will be numbered by the credit institutions similar as for checks.
• ATTENTION! A debt instrument will have a shorter clearance time. In case you are the issuer of such a payment instrument you should assure the necessary funds in your account for allowing the payment.
• We recommend for checks to be requested to the bank for clearing immediate after the issuing date.

The new forms of checks, promissory notes and drafts are available in the BRD's agencies and branches.