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Jan 9, 2019 · Cheque Truncation System companies in india brings elegance to the whole activity of cheque processing & clearing and offers numerous benefits to banks like time and cost savings, cost effectiveness, including human resource rationalization, business process re-engineering and enhanced customer service.
Cheque Truncation. 3.1 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.
Cheque Truncation System. Definition: The Cheque Truncation System or CTS is the cheque clearance system introduced by RBI to fasten up the clearing of cheques. In this system, instead of producing the physical cheques to the payee bank, just the electronic image of the cheque along with the MICR code and other cheque credentials are ...
Apr 18, 2022 · What is Check Truncation? Check truncation as used in American English refers to a system of clearing check that involves the removal or elimination of physical paper cheque processing and replacing it with electronic means, through which checks are deposited in the bank and then processed for payments.
Cheque truncation ( check truncation in American English) is a cheque clearance system that involves the digitization of a physical paper cheque into a substitute electronic form for transmission to the paying bank.
Aug 28, 2019 · Cheque Truncation System brings elegance to the whole activity of cheque processing & clearing and offers numerous benefits to banks like time and cost savings, cost effectiveness, including human ...
The Bank of Mauritius in collaboration with the Mauritius Bankers Association introduced a modern system for clearing cheques in September 2011. From this date, banks send only the digital image of cheques to the Bank of Mauritius for clearing. This process, called ‘Truncation’, is the most secure and fastest mode of cheques clearing and is already in use in several countries amongst which ...
