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Cheque Clearance System
Implementing for Leading Nationalized Bank in India
CASE STUDY
Developing a Custom System for Efficient Storage and Instant Retrieval of Cheque Images
SoftAge helped a leading nationalized bank to shortened time for cheque clearing cycle by providing efficient storage and instant retrieval of cheque images. The requirement included alignment of the process as per the central bank specifications and document management for better maintenance of the cheque. Also, the solution required to seamlessly integrate with existing core banking system.
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The Client
The client is a one of the largest nationalized banks in India. It has expanded its domestic presence, with 3057 branches spread across all geographical segments. The bank offers a wide range of financial services and banking products to its retail as well as corporate customers through different delivery channels.
TASK OVERVIEW
Challenges
The Client had a requirement of image based cheque management system as he wanted to become first among the bank members with one step forward system. So, we had a real short time for implementation of the system.
The bank was using a traditional cheque processing system that took time around 3 working days for clearance. So, it was a huge challenge to reduce it's turn around time(TAT).
Following the guideline of the Central bank was a major task as guidelines were being altered by the government bodies at the time when we were developing the system for it.
OUR PROCESS
Getting Started
Implementing High Speed System
The bank deployed SoftAge Document Management solution and manpower for facilitating automated processing of corporate and retail transactions. The solution enabled the high-speed scanning of various banking instruments SoftAge support would enable Straight through processing, thereby speeding the cheque clearing cycle.
Developing Spontaneous Cheque Work Flow
The cheque images would seamlessly flow from the branches to the head office to the central bank and back. The in-built workflow would handle mapping cheque to the respective banks, routing cheque for approval, signature verification, etc. Using the public key infrastructure (PKI) technology, the solution provides secure data exchange and nonrepudiation of information The solution has been implemented for Outward clearing, Inward clearing, for, On-Us clearing.
Results
The results for the bank cheque processing were approximately the same as we were expecting from our laid out system. Once again we achieved a happy client with following impressive achievements.
95%
Robustness while cheque scanning and storage.
75%
Reduction in cheque clearing TAT.
100%
Information security of users.
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