FCCB has signed an agreement with the Central Bank of Cyprus whereby any interested party can subscribe for provision of access to the Central Information Register of issuers of dishonoured cheques.

 

The agreement is part of the consolidated effort that is being made by the Central Bank to tackle the problem of dishonoured obligations that has been observed in the Cyprus market.

This service will allow corporate entities and individuals to manage the risk of accepting dishonoured cheques, as they will now be able to check whether a customer, supplier, or partner is listed in the Central Information Register prior to accepting a cheque as a form of payment (to be listed in the Central Information Register entails that a corporate entity or individual has issued 3 dishonoured cheques within a period of twelve months, or that a single dishonoured cheque or series of cheques are of a value greater than €2000.)  This is an important step towards ensuring that a large number of businesses and citizens can make an informed decision before entering into economic relations with customers, suppliers, or partners, thus avoiding timely and costly debt recovery procedures.

FCCB customers will gain access to the Central Information Register through an easy, seamless and convenient application procedure.  As a subscriber, the customer can receive instant information on a company or individual via the web.

This  service becomes available to the Cyprus Market from FCCB, from mid-June 2009.