PCS covers all paper-based payment instruments and governs how they work, this primarily means cheques. In today's increasingly digital world, the use of cheques as a payment instrument is declining.

The PCS rules, standards and procedures include the format cheques and deposit forms have to be in, how they are processed and the timeframes for processing them.

When you pay for goods or services using a cheque, and the person or business you are paying is a customer of a different financial institution to you, the money and transaction information needs to be passed between the two institutions. Like payments in BECS and CECS, this is done via the Settlement Before Interchange (SBI) system. 

PCS, BECS and CECS Participants use SBI to settle transactions and exchange payment information multiple times throughout each business day. 

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