The Legal Problems Arising From activating The Electronic Clearing Of Checks

Abstract

Electronic clearing checks has established as a legal system created by the need to simplify checks payment procedures and reduce costs and risks of them, in addition to ensuring the speed of settlement especially with the increasing spread of technology and the development of electronic payment tools.

The Central Bank of Syria has lunched The Syrian Gross Settlement System “SYGS”, which has been used to settle the electronic transfers between banks, and it is working now to activate the electronic clearing of checks on the same system.

There is no doubt that the electronic settlement of the checks by conducting electronic clearing on them will constitute an important step in the field of electronic banking, but it will be faced with many legal and operational obstacles, that may lead to slowing down or obstructing the check payment process unless appropriate technical and legal solutions are found.

Therefore, it is necessary for the Syrian legislator to create radical amendments to the Syrian Commercial Law in correspondent with the electronic transaction law, and creating an effective IT system in