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
• 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