New UAE app predicts good vs bad cheques

  DUBAI – A new app that was launched in the UAE on Tuesday (February 22) allows individuals and businesses to know if a cheque issued through a UAE-based bank is likely to bounce. The ChequeScore app by Al Etihad Credit Bureau (AECB) costs Dh10 to use. The app is available for both iOS and Android devices. Once users download the ChequeScore app to their mobile device and registers, they can scan a cheque, upload a cheque image, or enter the cheque data manually. By completing the purchasing process, the user will be shown the Cheque Score—a score from 1 percent to 99 percent—indicating the probability of a cheque to bounce in the next nine months. The score is also colour-coded: green indicates a low chance of a bounced cheque, amber for medium probability and red for high probability. The Cheque Score is calculated using the issuer’s Credit Score, another product provided by AECB, with cheque issuance and clearance history, on-time payment patterns, and other factors considered that support the predictive nature of this score. "ChequeScore will help reduce the number of bounced cheques in the UAE," said Marwan Ahmed Lutfi, Chief Executive Officer of AECB. "Last year, bouncing a cheque was a criminal offense; however, with the new law decriminalising this in the beginning of this year, it has become imperative that UAE businesses and individuals assess the risks associated with cheques they have on hand,” Lufti added. UAE Central Bank data showed that 21 million cheques were issued in 2021 with an average value of Dh51,000. ICA/Expat Media ALSO READ: New UAE cheque law starting January 2
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