Dubai Chamber Supports Al Etihad Credit Bureau ChequeScore App

Date Posted:Fri, 4th Mar 2022

Dubai Chamber Supports Al Etihad Credit Bureau ChequeScore App

Following the introduction of bankruptcy and insolvency laws as well as the recent decriminalization of bounced cheques, it is now more important than ever for cheque receivers to assess the risk associated in accepting cheques as a form of payments.

 

Dubai Chamber shared the attached presentation at the 1st Business Groups and Business Councils Roundtable Discussion for 2022 this week along with some interesting statistics on cheques and transactions in the UAE, presented by Al Etihad Credit Bureau. ChequeScore is an app that allows both businesses and individuals to instantly know how likely a cheque issued through a UAE-based bank could end up as a bounced cheque:

02 March 2022 - Value of AECB credit information to manage risk associated to cheque payments

  • 21 Mn cheques were issued in the UAE in 2021 with an average value of AED 51,000 per cheque, and a total value of AED 41.6 Bn
  • Using our database and analytics, we have developed a tool to enable cheque receivers in assessing the probability of a cheque to bounce in the next 9 months
  • By using ChequeScore, cheque receivers will have the comfort of accepting a low-risk cheques with a piece of mind or the possibility to take a more informed decision for high-risk ones
  • Cheque Score is available for anyone to access by downloading the AECB ChequeScore app and simply scanning the cheque or uploading its picture or even entering the cheque details manually
  • 6000 users already signed up during the ChequeScore trial period, scanning more than 11,000 cheques, for a total value of AED 788 million

Full presentation available here