e-SPICK
The national electronic cheque information clearing system (e-SPICK) is an image-based clearing system where the cheque image and magnetic ink character recognition (MICR) code line data are captured and transmitted electronically to facilitate clearing.
e-SPICK reduces the risk and costs associated with the physical handling of cheques and improve the efficiency of the entire cheque clearing process. eSPICK enables customers receive funds on the next business day.
On average, MyClear processes 17.18 million transactions amounting to RM164.67 billion monthly and 0.84 million transactions worth RM8.05 billion daily.