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
Benefits
Streamline cheque processing flow
Eliminate the need for transportation and courier for delivery of physical documents
Reduce cheque processing time
Reduce the need for paper-based storage and retrieval
Minimise cheque processing cost
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
Increase time of customer window for cheque deposit
