www.cloud.niit-tech.com Cheque Truncation Services for Banking and Financial Institutions A completely outsourced model for all your cheque truncation requirements Capable of interfacing with a variety of systems used in banks Interface with various cheque scanners Audit log of the application, and Audit and event log of the users Supports secure web based hosting (SSL security certificate) Ease of Implementation across GRID and MULTI-GRID Cloud Here are few of important factors as to why enterprises should invest in CTS Easy: • Migration to CTS is a regulatory mandate by RBI. RBI is discontinuing traditional MICR-based cheque processing and banks have to migrate to CTS services • CTS speed up the cheque collection process; resulting in improved customer service and elimination of float • Reduces the scope for clearing-related frauds or loss of instruments in transit, and lowers the cost of cheque collection • Removes reconciliation-related and logistics-related problems. CTS Easy Solution NIIT Technologies offers end-to-end Cheque Truncation Services to Co-operative Banks. Our offerings include: • Available on completely outsourced model. • Inward at Bank using CTS Application Software • Interface with Banking Application • Common Multi-bank CHI Gateway/Bank’s individual CHI services • Access archival and reports at bank through a web based solution • Total Program management by NIIT Technologies • Transaction based pricing model. Industry Overview Payments process is critical in ensuring the efficiency of the financial infrastructure. The most visible and prominent mode of payment used in India is a cheque. Cheque processing takes a lot of time and has raised the need to revamp banking operations. Financial institutions use cheque truncation process to reduce the time taken to clear cheques. Truncation is the process of stopping the physical movement of the cheque issued by a drawer to the drawee branch. The physical instrument will be truncated at some point en-route to the drawee branch and an electronic image of the cheque is sent along with relevant information like Magnetic ink character recognition (MICR) fields, date of presentation, presenting banks etc. Thus, with the implementation of cheque truncation service, the need to move the physical instruments across branches is no longer required, except in exceptional circumstances. The cheque truncation service effectively reduces the time required for payment of cheques, the associated cost of transit and the delay in processing, thus speeding up the process of collection or realization of the cheques.