Cheque Truncation System (CTS) or Image-based Clearing System (ICS) is a project undertaken by Central banks of many countries such as India (Reserve Bank of India – RBI), UAE (Central bank), Saudi Arabia (Saudi Arabia Monitoring Agency – SAMA), etc. for faster clearing of cheques.
CTS / ICS promises to bring multiple benefits to customers by substantially reducing the time taken to clear the cheques as well as to the banks by enabling them to offer better customer services and increasing operational efficiency by cutting down on overheads in physical clearing. In addition, CTS / ICS also offers better reconciliation and fraud prevention. CTS / ICS uses the cheque image, instead of the physical cheque itself, for clearing of the cheque. The cheque image is truncated at the presenting bank. Subsequently, the cheque image moves through various steps in the cheque-clearing process and transactions are settled on the basis of images and electronic data.
Newgen's Solution Suite for Image-based Clearing System (ICS) consists of following components:
The solution suite has been developed on the strong platform of Newgen Imaging and Workflow solutions, i.e.
Representative List of Newgen Customers using CTS:
