How does it work?
An online image-based cheque clearing system, the collecting bank branch would deploy scanned images along with the magnetic ink character (MICR) of the cheque which will be sent out electronically using their Capture System, removing the need for physical/manual transfer of cheques. The captured images and the data is then signed and encrypted and sent to the Clearing House or the central processing location and thereafter forwarded to the drawee or paying bank.
This helps speed up the cheque collection process that eventually helps provide better and faster customer service.
Key Features of Cheque Truncation System
An online image-based cheque clearing system, the collecting bank branch would deploy scanned images along with the magnetic ink character (MICR) of the cheque which will be sent out electronically using their Capture System, removing the need for physical/manual transfer of cheques. The captured images and the data is then signed and encrypted and sent to the Clearing House or the central processing location and thereafter forwarded to the drawee or paying bank.
This helps speed up the cheque collection process that eventually helps provide better and faster customer service.
Key Features of Cheque Truncation System
- User friendly graphic user interface
- Automated coding and endorsing of cheques
- Encryption of data file before transmission to the clearing house or the service branch
- Employs a unique transaction follower process to confirm the status of cheque
- Improved and efficient settlement and prevention of fraud
- Equipped with enhanced archival procedure that stores images and data facilitating report generation along with future enquiry
- Alerts RMs in case of return of cheque due to insufficient funds
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