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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.
MICR encoding, called the MICR line, is at the bottom of cheques and other vouchers and typically includes the document-type indicator, bank code, bank account number, cheque number, cheque amount (usually added after a cheque is presented for payment), and a control indicator. The format for the bank code and bank account number is country ...
The information provided at the bottom of the cheque is country-specific and standards are set by each country's cheque clearing system. This means that the payee no longer has to go to the bank that issued the cheque, they can instead deposit it at their own bank or any other bank and the cheque would be routed back to the originating bank ...
Cheque Truncation System (CTS) or Image-based Clearing System (ICS), in India, is a project of the Reserve Bank of India (RBI), commenced in 2010, for faster clearing of cheques. [1] CTS is based on a cheque truncation or online image-based cheque clearing system where cheque images and magnetic ink character recognition (MICR) data are ...
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.
This type of information is a valuable tool for loss prevention because it identifies historically or habitual check bouncers who are more likely to re-offend. [6] Negative check database systems can cause customer service issues between retailers and their own customers, because there is no limit to the time period that is considered.
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.
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 ...