Why did the secure check replace the encrypted check?

Why did the secure check replace the encrypted check?

Zahratrabi - economic correspondent of IRNA

The central bank abandoned the encrypted check due to the lack of inquiry capability, location restriction and vulnerability to money laundering and fraud, and replaced it with the secured check with advantages such as inquiry using the Syed certificate, removal of location restrictions and connection to the Syed system.

🔹 A guaranteed check, in addition to many advantages, such as encrypted checks, it is redeemable, irrevocable and non-transferable.

🔹 The removal of the coded check should not be considered a technical change only; Rather, it is a means to promote transparency, reduce risk and adapt the payment system to modern regulatory standards. The guaranteed check, through Siad's infrastructure, both gives more security to the holder and enables more effective supervision by the supervisory institutions.