Cheque Truncation System (CTS)

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.

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