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:
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Rejection rates still remain high due to poor technology applied in either MICR encoding or MICR reading.
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Cheque frauds are still difficult to detect due to poor technology applied in either cheque issuing or cheque clearing.
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Cheque processing is still costly due to the banks or financial institutions’ dependence on manual handling or traditional submission of cheque data.
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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:
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Reduce rejection rates
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Protect your business and customers from cheque frauds
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Minimise operational costs
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Enhance your corporate image
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
