the payments system in trinidad and tobago - Central Bank of ...

THE PAYMENTS SYSTEMIN TRINIDAD AND TOBAGOII. PAPER-BASED PAYMENTS - CHEQUESThis section discusses the major paper-based payment system, theCheques system. 2The use of cheques in Trinidad and Tobago is governed by the Bills ofExchange Act Chapter 82:31. According to Section 73 of the Act, “acheque is a bill of exchange drawn on a banker payable on demand”.This means that a cheque is a written order from an account holderinstructing his bank to pay upon request a specified sum of money toa named beneficiary (payee).Cheques are required to have certain information which attest to theirauthenticity and facilitate their processing. These are as follows:• Amount• Bank Name• Cheque Number• Customer’s (Payer) Name and Address• Magnetic Ink Character Recognition (MICR) Line• Beneficiary’s (Payee) Name• Payer’s signature2 Other less commonly used paper-based forms of making payments include money orders.