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May 27, 2024 · Advantages of Cheque Truncation System (CTS) Here are some advantages of CTS: 1. Faster Clearing and Settlement: One of the best things about Cheque Truncation System (CTS) is that it shortens the time needed for clearing and settling cheques significantly.
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 resource rationalization, business process re-engineering and enhanced customer service.
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Date Updated: Jul 13 2022. TABLE OF CONTENTS. What Is Check Truncation? How Does the Process of Check Truncation Work? Purpose of Check Truncation. Check Truncation Benefits. Laws Governing Check Truncation. Final Thoughts on Check Truncation. Check truncation is very popular in today’s digital age.
Apr 29, 2024 · Apr 29th 2024. Finance. Cheque truncation is an electronic clearing method used to settle and clear cheques between banks without physical paperwork or the cheque itself. Its purpose is to speed up the cheque-clearing process, resulting in transactions being processed within minutes.
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Truncation is the process of stopping the flow of the physical cheque issued by a drawer at some point by the presenting bank en-route to the paying bank branch.
Cheque truncation reduces or eliminates the physical movement of paper cheques and reduces the time and cost of cheque clearance. Cheque truncation also offers the potential reduction in settlement periods with the electronic processing of the cheque payment system . History.
Apr 5, 2021 · Further, in addition to operational efficiency, CTS also offers various other benefits to banks as well as customers, including human resource rationalisation, business process re-engineering,...