Cheque and Voucher Scanning

ChequeStore™ automates the process of scanning, data capture, signature verification and electronic archiving of cheques and vouchers.

Whilst it is widely acknowledged that paper based payment systems are in decline, there is still a large Client base who will continue to use cheques and credit slips. Organisations are legally required to retain and provide evidence of transactions for many years. Storing the physical cheques, vouchers and credit slips results in high costs; Contingency Planning issues as the documents will not be backed-up in the event of an incident; and increased Customer Service costs, as queries will take a considerable time to respond to. Some organisations use microfilm or a photocopier, but these approaches add no value in terms of automating the process, reducing costs, helping to eliminate errors caused by manual intervention, or improving Customer Service levels.

ChequeStore™ fully automates the entire process of scanning, data capture and electronic archiving of cheques, vouchers and credit slips. Items may be captured remotely at branches or remote offices as part of branch automation objectives or alternatively as a centralised back-office function. Either approach provides for (or facilitates) truncation of the paper early in the process. Duplex scanning is supported, as is the provision of endorsement printing on the back of cheques as they pass through the scanner. MICR (CMC7 and E13B) and OCR support provides fully automated indexing for image archival purposes by reading the magnetic ink and/or characters contained within the document. The potential for error is therefore reduced by the removal of manual intervention.

The captured data may be uploaded to the host banking or financial application, either in batches or as an end-of-day process. Regular reports may be generated with details, for example, of daily receipts. Signature cards may be scanned into ChequeStore™ and by using a common Account or Customer Name database, on-line Signature Verification is achieved very quickly. ChequeStore™ provides enhanced Customer Service levels, improved Employee Productivity and reduced costs, and provides an ideal platform for web-based Customer Self Service.

Benefits

• Improvement in cheque processing cycle
• Enhance back office operations
• Reduced risk of human error with process automation
• Customer service level improvements
• Improved employee productivity
• Reduced operational costs

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