The national electronic cheque information clearing system (eSPICK) 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.

eSPICK 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.

In 2020, PayNet processed 84.5 million cheque transactions (a 29.5% reduction from the prior year) amounting to RM1.46 trillion.


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.