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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 ...
It also needed to address the process for dishonoured cheques, as paper cheques could no longer be returned. A typical solution, as defined by the Monetary Authority of Singapore for the Singapore cheque truncation system, was that a special 'Image Return Document' was created and sent back to the bank that had truncated the cheque. [2]
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.
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If a cheque is refused at the drawee bank (or the drawee bank returns the cheque to the bank that it was deposited at) because there are insufficient funds for the cheque to clear, it is said that the cheque has been dishonoured. Once a cheque is approved and all appropriate accounts involved have been credited, the cheque is stamped with some ...
Outside the United States the decline in check usage in favour of debit cards and credit cards has meant that cheques are rarely accepted by merchants thus rendering cheque verification services obsolete. In the United States, there are a number of third-party companies that provide check verification services.
The Check Clearing for the 21st Century Act (or Check 21 Act) is a United States federal law, Pub. L. 108–100 (text), that was enacted on October 28, 2003 by the 108th U.S. Congress.
Margins matter. The more CTS (NYS: CTS) keeps of each buck it earns in revenue, the more money it has to invest in growth, fund new strategic plans, or (gasp!) distribute to shareholders. Healthy ...