This is a web-based inward cheque processing system. It is typically deployed as a centralized system within the bank′s cheque processing centre. It also allows distributed verification of rejects at branches.
Inward item batches are received from the central bank via the central bank′s gateway. The batches are validated and decomposed to the required bank′s internal system formats.
All inward items are filed into the inward database for the cheque verification process. A debit posting file is also generated for payer account verification. The results of the postings will then be filed into the DB for verification.
ChequeIn web user interface allows cheque verification functions to be performed:
- Payor account number correction for incorrect account numbers from collecting banks
- Signature verification with account rules and limit checking
- Payor account status
The system also provides reconciliation and generation of debit or credit posting entries based on the approval status of the items.
ChequeIn may also be interfaced to ChequeAlert for various cheque fraud detection functions such as:
- Positive Pay matching with OCR, ICR or NHR technologies
- Signature auto-matching
- ChequeIn consists of the following functional modules:
- Technical Verification
- Signature Verification
- Branch authorisation and customer call back
- Debit and reversal Posting
- Outward return processing
- Transmission to central bank
- Archival and retrieval
Benefits of ChequeIn
- ChequeIn enhances overall productivity and efficiency with significantly less staffing requirements.
- Parallel processing
- ChequeIn allows parallel technical, host account verification and signature verification processes to be run concurrently. This architectural design reduces overall inward processing tremendously.
- Continuous processing
- Inward cheque items can be downloaded from the central bank continuously throughout the day. Inward processing load can be spread out and thus requires less staffing.
- Efficient controls
- With the branch level authorization and customer call back modules, ChequeIn is secure and has full audit trail on exceptional cases.