SMARTCHEQUEENTRY

Cheque Entry Solutions

Introducing SMARTCHEQUEENTRY™, an automatic data entry and image capture solution for processing cheque deposits and cheque payments at bank’s tellers and retail POS network.

Addressing Challenges

Specifically developed to simplify the processing of cheque deposits at tellers or cheque payments at retail POS networks, SMARTCHEQUEENTRY™ helps overcome your persisting issues including cheque frauds, errors in data entry and the insecurity of dealing with and cheque handling by third party vendors—thus keeping your operational costs low and minimizing your losses. SMARTCHEQUEENTRY™ will help you address these challenges.

Unidentified cheque fraud
  •  Solved
Errors in data entry
  •  Solved
Unsecured third party involvement
  •  Solved
High operational costs
  •  Solved
Considerable financial losses
  •  Solved

Minimise involvement of third party vendors with SMARTCHEQUEENTRY™, a solution that gives you the best value for money while streamlining your cheque processing and yet maintaining quality of your cheque handling.

Or, if you are exploring ways to increase your profits by leveraging on business partnerships, you may also consider building a service network with SMARTCHEQUEENTRY™ to facilitate cheque payment at various retail point of sales.

How SMARTCHEQUEENTRY™ helps you

SMARTCHEQUEENTRY™ is equipped with simple and user friendly features that will improve your staff’s efficiency when handling cheque deposit or cheque payment. These include:

  • Automatic cheque verification

With our cost-effective and space-efficient Check21 compliant scanners, SMARTCHEQUEENTRY™ provides you with first-hand cheque authentication right at the point of presentment.

With this first-hand verification, you will ensure that all cheque data processed are authentic. This reduces the risk of losses suffered from authorising fraudulent cheques.

  • Automatic data entry

Upon scanning of cheque, SMARTCHEQUEENTRY™ immediately populates cheque’s MICR data into an open application such as your core application, or to any open data entry applications like Microsoft Excel or Notepad.

Cheque Entry Solution1

Depending on the cheque reader you use—whether it has manual or auto feed mechanism—you can automatically post single to multiple data upon scanning. These are done without human intervention and, thus, minimize errors due to manual cheque handling.

  • Direct posting & feedback

SMARTCHEQUEENTRY™ can be configured to also post scanned data automatically into core application databases, such as your internal accounting system or your clearing system, and receive feedback if cheque transaction has been approved or denied. This will certainly streamline your business processes, which may help expedite cheque settlement. More importantly, you will improve customer satisfaction towards your organisation.

Cheque Entry Solution2

  • Automatic archival & easy retrieval

All cheque images and data processed on SMARTCHEQUEENTRY™ is automatically archived into its own database for future retrieval. Its user friendly search tool allows authorized users to easily look for specific data using definite or range of values such as deposit date, serial number, routing number (BSB number), transaction code and account number. This makes it easier to check against past deposit or payment records.

Exportable Data – All archived images and data can be exported into other format for further processing or backup purposes. Options of images’ black and whites are also available to minimize storage space.

How SMARTCHEQUEENTRY™ benefits you

SMARTCHEQUEENTRY™ helps you to:

  • Reduce processing costs
    • Eliminate costly courier transportation services for physical cheque to be processed off-premises
    • Reduce cheque handling and third party costs
  • Streamline business processes
    • Minimise manual data entry
    • Reduce dependency on third party vendors
    • Automate data entry with real-time entry to core application
    • Automate data posting to credit or debit from your core application
    • Process cheque at point of presentment
    • Accelerate settlement time
    • Decrease risk of errors caused by human intervention

Improve security and control

Anticipate any potential discrepancy and dispute at point of presentment
Gain greater control, productivity and flexibility by processing cheque in-house

Cheque Truncation with SMARTCHEQUEENTRY™

Cheque Entry Solution1

While conventional cheque clearing with document to follow is still applicable in many countries, some countries have begun to explore ways to make cheque payment and processing easier. Cheque truncation at point of presentment has been widely considered and applied in a few countries. With implementation of cheque truncation, the role of SMARTCHEQUEENTRY™ will not only be limited to facilitating cheque deposit at tellers but also can be broadened to receive cheque payment at various networking retail POS.