Closure of the Bank of Italy's Clearing Houses

Effective on 1 April 2019, the Bank of Italy will close its clearing houses currently managing the physical exchange of cheques between banks. The closure marks the completion of the project that allows financial intermediaries to exchange and settle cheques electronically by transmitting a digitized image.

The digitalization of cheque transmission has promoted efficiency and cost reduction in retail payments for banks and financial intermediaries and has made it possible to close the clearing houses.

The exchange and settlement of cheques between banks, now in digitized form, will continue through electronic procedures managed by the Bank of Italy.

At the request of intermediaries, the Bank will continue to issue declarations in lieu of cheque protest on digitized cheques.