Not too long ago, a single cheque would generate a significant amount of paperwork. Winding its way through the processing and clearing system, physically crossing from one bank to another, all the while creating more paperwork. It all cost money which was why ‘paperless’ cheque clearing was widely welcomed by the financial institutions.
But which one is the best and which one can be tailored to your business needs?
OpenSys believes in efficiency. That’s why our cheque processing solutions can be deployed in its entirety or with selected standalone modules. Whatever need, our cheque processing modules will form the backbone infrastructure for your new generation cheque clearing system.
We’re calling it the cheque truncation system.
It’s an entire eco-system for complete cheque processing; this encompasses the front and back offices of financial institutions.
Front-Office Deposits and Payments Collection System
This is the front line. As customers bank their cheques in, our set of image-based solutions automates the cheque deposit and payment collection functions.
Images are scanned at the point of deposits or payments. Deposit slips and envelopes become a thing of the past. Detailed customer-friendly receipts are generated on the spot. This image-based processing environment provides significant cost savings by improving the efficiency and speed of processing.
Our modular front-office deposits and payment collection system are made up of:
- Efficient Service Machines for self-service cheque deposits and bill payments
- Teller Cheque Collection System (TCCS) for cheque deposits
- Cheque Payment Collection System (CPCS) for bill payments
Back-Office Cheque Processing System
This is our revolutionary image-based cheque processing solutions that allows incoming cheques deposited at the collection systems or from the clearing house to be processed efficiently and securely.
These systems are interlinked with various back-end hosts such as host retail banking system, signature verification system and cheque fraud detection system for complete verification.
Our modular back-office cheque processing system are made up of:
- ChequeOut for outward cheque clearing
- ChequeIn for inward cheque clearing
- ChequeAlert for suspected cheque fraud detection involving ultra-violet (UV), signatures and optical or intelligent character recognition (OCR/ICR) technologies
Financial institutions using OpenSys cheque processing solutions have recorded efficiency and performance levels above industry benchmarks.
These organisations are able to realise the following benefits:
- Enhanced Customer Service
- Our multi-channel capture solutions allow branch service availability to be standardised and extended nationwide.
- Our ESM cheque deposit machines, in particular, allow 24x7 cheque deposit services.
- Lower overall cheque processing costs
- Our solutions automate and processes cheque transactions at the point of capture which eliminates costly duplicate and manual processes.
- By leveraging on technology, our solutions allow banks to have wider processing windows and significantly lower staff requirements.
- Competitive Advantage
- As cheque volume decreases, the bank needs to be vigilant on its overall processing costs and at the same time maintain the highest level of customer service.
- OpenSys cheque processing solution provides the architectural and processing flexibility that allows the bank to respond to competitive pressures by re-engineering its processes.
- OpenSys solutions are scalable according to volume requirements and can be deployed as standalone, distributed or centralized environments
- OpenSys also provides cheque process outsource in situations where banks can leverage on our expertise, processing infrastructure and transfer the risk of overcapacity.