The cheque is currently the most visible and significant mode of payment in India In view of the importance of cheque to the retail segment, Magnetic Ink Character Recognition (MICR) technology was introduced by the Reserve Bank of India about 20 years ago.
MICR technology enabled the banking system to handle the growth in the cheque volumes and to provide faster and efficient clearing services to customers and to do straight through processing using MICR data.
Cheque Truncation is one of the ways to compress the clearing cycle to provide faster clearances of local and intercity cheques.
Cheque truncation, very loosely defined, is the process in which the physical movement of cheque within a bank, between banks or between banks and the clearing house is curtailed or eliminated, being replaced in whole or in part, by electronic records of their content (with or without the images) for further processing and transmission.
Forbes Technosys Limited is a leading player in Cheque Truncation Systems in India having their own Cheque Processing Centre in New Delhi.
The Centre Provides:
- Outsourcing opportunity for banks
- No Capex to be incurred by the bank
- End to End Cheque Truncation Services-Processing & Archival
- Current processing capacity approx 300,000 cheques per month
- Scanning services at Forbes Data Centre
- Inward Application at bank location
- Interface with banking systems
Other Services Provided by Forbes Technosys Limited include:
- Business Continuity Planning Services
- On-site Processing Services
- Mandate Processing Services
- Zero Investment per transaction model
- Expertise in CTS Implementation