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Cheque clearing (or check clearing in American English) or bank clearance is the process of moving cash (or its equivalent) from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the cheque to the paying bank, either in the traditional physical paper form or digitally under a cheque truncation system.
The job is usually low-skilled, so veteran staff are often employed on a temporary basis after a large survey or census has been completed. However, most companies handling large amounts of data on a regular basis will spread the contracts and workload across the year and will hire part-time .
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. The process of cheque clearance, involving data matching and verification, is done using digital images instead of paper copies.
An application called Check Processing Control System (CPCS) is run on a main frame. It receives the data from the document processor and can store information from the cheques, including the bank number, branch number, account number and the amount the cheque was written for, as well as internal transaction codes.
The Check 21 Act took effect one year later on October 28, 2004. The law allows the recipient of a paper check to create a digital version of the original, a process known as check truncation, into an electronic format called a "substitute check", thereby eliminating the need for further handling of the physical document. The recipient bank no ...
CPCS is run on IBM System/360 and later IBM mainframe computers and receives the data from the document processor and can store information from the cheques, including the bank number, branch number, account number and the amount the check was written for, as well as internal transaction codes. [11] IBM withdrew CPCS from marketing on Nov 29 ...
PDF Association – The PDF Association is the industry association for software developers producing or processing PDF files. PDF Specification Index at the PDF Association; PDF Cheat Sheets, 2nd edition by the PDF Association (last updated October 29, 2024) Format description of the PDF family, PDF/A, PDF/X from Library of Congress
JDF (Job Definition Format) is a technical standard developed by the graphic arts industry to facilitate cross-vendor workflow implementations of the application domain. It is an XML format about job ticket, message description, and message interchange. JDF is managed by CIP4, the International Cooperation for the Integration of Processes in ...