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, PayNet processes 17.18 million transactions amounting to RM164.67 billion monthly and 0.84 million transactions worth RM8.05 billion daily.


Effective 1 Jan 2015, banks will charge a cheque processing fee of 50 sen on the issuer of the cheque. This fee is in addition to the existing stamp duty of 15 sen per cheque leaf as announced by Bank Negara on 20th March 2013.