Cheque Truncation System - CTS
In today’s times, banking is becoming more complex and transaction intensive. Banks often need to physically move original paper cheques from the bank where the cheques are deposited to the bank that pays them. This movement can be inefficient and expensive. The Finteq Cheque Truncation System (CTS) is a step to improve the payment system, thus, making it imperative with the changing times. Cheque truncation system is the replacement of the physical cheque flow with electronic information.
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NUCSOFT Capabilities
Our Cheque Truncation System enables your bank to handle more cheques electronically, making the process faster and efficient. Instead of physically moving paper cheques from one bank to another, our CTS allows you to process more cheques electronically. You can capture a picture of the front and back of the cheque along with the relevant payment information and transmit it electronically. Our system is capable of capturing the data and images of the cheque as per RBI guidelines.
Benefits:
- Data and information collected can be used for reducing frauds
- Reduction in turnaround time from 15-20 days to 3-4 days
- Reduction in cheque loss cases
- Better customer service
- Reduction in cheque handling costs
- Efficient and streamlined process
- Real time clearing position available to banks
