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


Cheque Truncation System

Benefits:

  • 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