With the introduction of a QR Code system on June 15, 2015, a
new era for cheque users started. This system is expected to
provide much transparency for the cheque users in their trade and
ultimately decrease the number of bounced cheques and eliminate
check frauds.
The QR Code system for cheques came into scene with the
cooperation of Turkish Banking Institution, Credit Reference Bureau
(CRB) (Kredi Kayıt Bürosu) and Turkish Union of
Chambers and Commodity Exchanges. The system basically enables the
cheque holders to be able to review data on the credibility of a
cheque issuer.
How Will It Work in Practice?
Cheques are irreplaceable instruments in the global commercial
life. Due to its nature, the ultimate holder of a cheque does not
necessarily know the identity of the issuer of the
cheque. Therefore, it is usually not possible to know the
credibility of its issuer or whether the cheque is fake or it will
be bounced, etc.
