Cheque Truncation System (CTS)
End to End Cheque Processing Solution
Cheque processing is a business process that persists to involve various complex issues. Just to outline a few:
- Rejection rates still remain high due to poor technology applied in either MICR encoding or MICR reading.
- Cheque frauds are still difficult to detect due to poor technology applied in either cheque issuing or cheque clearing.
- Cheque processing is still costly due to the banks or financial institutions’ dependence on manual handling or traditional submission of cheque data.
- Banks and financial institutions still often fail to meet the window time due to ineffective and time-consuming cheque processing flow
Considering this complexity, BSS presents to you the Cheque Truncation System, an end-to-end cheque processing solution that streamlines your business process to:
- Reduce rejection rates
- Protect your business and customers from cheque frauds
- Minimise operational costs
- Enhance your corporate image
- Streamline cheque processing flow
- Reduce cheque processing time
- Minimise cheque processing cost
- Eliminate the need for transportation and courier for delivery of physical documents
- Reduce the need for paper-based storage and retrieval
- Produce business intelligence tools for payment pattern monitoring
- Protect customers from cheque fraud with image-based verifications apart from electronic data
- Improve customer service with effective reconciliation and verifications processes
- Minimise the potential of human error during manual handling
- Increase time of customer window for cheque deposit