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Cheque Archival Solutions

Challenges in Today’s Processing of Cheque and Remittance Advices

Many organisations and institutions today still receive paper cheque and remittance advices in large numbers. These documents come from within their own organisations or from other institutions at metro, regional to rural offices. Processing these documents is a tedious job and requires involvement of multiple parties, some are third parties. Such multi-layered involvement in remittance advice and cheque processing doesn’t only delay settlement, but it also increases the risk of human errors—leading to steep increase in operational costs.

The Solution

Introducing SMARTCAPTURE™, a user friendly application designed to simplify and streamline processing and archival of cheques and remittance advices.

Using SMARTCAPTURE™, cheques and remittance advices can be scanned and read, not only for archival or record-keeping purposes but also for further processing. Cheque data and images can be transmitted electronically, within and across institutions—intra- and interbank—reducing overheads in operations, transportations and physical storage spaces, and minimizing risks of discrepancies and losts during handling. Furthermore, electronic cheque data can be backed up and restored easily, thus giving you the flexibility to manage your data recovery centre.


Tedious processing of paper cheque
  •  Solved
Risk of discrepancies and losts
  •  Solved
High processing costs
  •  Solved
Delayed settlements
  •  Solved
SMARTCAPTURE™ is compatible with a wide range of document scanners, allowing you to match device footprint to document volume and price point.

Features

SMARTCAPTURE™ features capabilities which include:

Automated double verification—with MICR and OCR technologies

With MICR and OCR read sensors embedded in the scanner, SMARTCAPTURE™ will be able to have dual control on processed cheques and remittance advices. This will speed up the whole document processing while reducing risk of financial losses.

Archival mode options

SMARTCAPTURE™ allows you to scan documents in any of the following combinations:

  • One remittance advice followed by one cheque
  • One remittance advice followed by multiple cheques
  • Multiple remittance advices followed by one cheque
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B/W, greyscale or colour image capture

SMARTCAPTURE™ captures, processes and stores data and images in whatever image setting at the scanner—B/W, greyscale or coloured images.

Fully automated image and data workflow

SMARTCAPTURE™ also gives you the option to have a completely automated image and data flow from scanning of cheques and remittance advices, document authentication, batching and balancing of transactions for further processing.

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Basic to advanced search tool

With our basic to advanced search tool, you can easily retrieve data from your electronic document archive using:
  • Keyword / value search of serial number, bank information, payee details, transaction code or any of these combinations;
  • Range value search: equal to, lesser or greater than, or any of these combinations.
  • This tool will especially be useful when there is a need to verify suspected discrepancies at point of presentment.

Exportable data

Data stored in SMARTCAPTURE™ database (archived data) can be exported into file format for further processing, or simply for backup purposes.

Compatible with a wide range of Check21 scanners—manual or auto feed

SMARTCAPTURE™ is compatible with a wide range of document or cheque reader scanners of Check21 standard. It can accommodate both manual feed and auto feed document scanning without customisation.

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Benefits

SMARTCAPTURE™ will enable your organisation to:

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Simplify end-of-day settlement with point-of-presentment cheque processing
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Increase customer satisfaction when deposit cut-off hours is extended
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Speed up the handling and processing of cheques and remittance advice
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Streamline entire operation when multiple handling is removed
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Reduce unnecessary costs resulted from human error associated with manual intervention, maintenance of separate remittance advice and cheque inventories
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Accelerated decision making with increased audit and disaster readiness
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Anticipate any potential discrepancy and dispute at point of presentment

Benefits of Using SMARTCAPTURE™

SMARTCAPTURE™ will enable your organisation to:

  • Simplify end-of-day settlement with point-of-presentment cheque processing
  • Increase customer satisfaction when deposit cut-off hours is extended
  • Speed up the handling and processing of cheques and remittance advice
  • Streamline entire operation when multiple handling is removed
  • Reduce unnecessary costs resulted from human error associated with manual intervention, maintenance of separate remittance advice and cheque inventories
  • Accelerated decision making with increased audit and disaster readiness
  • Anticipate any potential discrepancy and dispute at point of presentment

For more information about SMARTCAPTURETM

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At Business Smart Solutions Pty Ltd (BSS), we have been helping businesses introduce smarter, cost-effective and best-of-breed IT solutions that radically improve business performance.

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