Cheque Truncation System (CTS)
An End to End Cheque Processing Solutions
Banks and financial institutions cannot deny that cheque processing is a business process that is beset with complicated issues:
- Rejection rate remains high due to poor technology applied in either MICR encoding or MICR reading.
- Cheque fraud is difficult to detect due to poor technology applied in either cheque issuing or cheque clearing.
- Cheque processing cost is considerably high due to the banks or financial institutions’ dependence on manual handling or traditional submission of cheque data.
- Banks and financial often fail to meet the window time due to ineffective and time-consuming cheque processing flow
Considering this complicity, BSS presents to you Cheque Truncation System, an end-to-end cheque processing solution that streamlines your business process to reduce rejection rate, protect your business and customers from cheque fraud, minimise operational cost, and enhance corporate image as a reliable bank or financial institution.
- 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