Cheque clearing represents an important milestone in the development of an efficient payment and settlement system of a country. Mechanised processing of cheques using MICR technology spurred initiatives towards setting up of MICR based Cheque Processing Centres (CPC) that handled cheque clearing and settlement functions in India, Middle East and Asia Pacific countries. The countries Central Regulatory Bank and their designated clearing banks invested heavily in automated MICR based cheque readers/sorters at various cities that were largely non-image based.

The commercial banks on their part participated in this mode of clearing by investing in power encoders for encoding cheque amounts either directly at the branches, at the service branch or by outsourcing the activity of cheque encoding to external vendors and then forwarding these cheques for clearing to the clearing house.

But challenges of rising cheque volumes coupled with escalating manpower/ infrastructure costs and the logistics pressures of multiple vendor management, are all coming together to force commercials banks to look at ways and means at optimising processing ease & efficiency and in turn manage cost. In an environment, where CTS has not taken off or is being looked at in a phased manner, increasingly, automated in-house cheque processing centers at the commercial banks service branches are seen as the answer.

With years of experience in designing automated cheque processing systems, J&B Software has leveraged its core EPSi framework, by utilizing its core components to build a fully evolved, state-of-the-art cheque clearing solution that uses sophisticated ICR technology. The Cheque Clearing solution is designed to interface with large volume, high-speed, sophisticated image capture transports, so as to process voluminous cheques with minimal time & workforce. The solution covers outward, outward return, inward and inward returns processing and allows for cheques to be received from multiple sources. Sources include (a) directly from branches (b) through outsourced vendors who encode the cheques and provide a vendor data file (c) from Cheque Deposit Machine’s cheques and related data file and (d) even as Cash Management System receivables collection.

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