Kuerle City CU deploys Clear2Pay for cheque image processing and AML detection

Source: Clear2Pay

Clear2Pay, the international technology provider of next generation payment solutions for financial institutions announces that KuErLe City Credit Union has implemented Clear2Pay's technology for both cheque image processing and anti-money laundering.

In accordance with regulation by the People's Bank of China regarding the National Cheque Image System, KuErLe City Credit Union has connected its 15 branches to the CNAPS backbone for nationwide cheque processing in a fast and efficient manner.

In addition to the implementation of the Clear2Pay CNAPS solution, the bank opted for Clear2Pay's AML solution. This solution facilitates a high level safeguard for the bank through data collection, filtering, enquiry, statistical analysis and auto-generated reports. The system checks payments in a variety of ways: unique and accumulative per account or multi-accounts per client ID in order to monitor both simple and complex payment streams in an efficient and cost-effective manner.

Yang Dao Zhong, Director of the Technical Department at KuErLe City Credit Union states: "After installation and implementation of the Cheque Image Exchange System, cheques will emerge as a new inter-city payment tool which is instrumental in reducing reduce cash transactions. This will support our booming business activities and meet our customers' (corporate and individual) increasing demands for variety of payment methods, reduced risk exposure and higher efficiency. The AML solution is very significant to safeguard the reputation of financial institutions such as ours, manage financial risks and
safeguard the stability of the financial system as a whole. The installation of this solution enables us to better, and more effectively, prevent and detect money laundering activities, which is crucial to our bank which is so firmly rooted in the local business community."

Chan Mun Kiat, VP Sales at Clear2Pay China adds: "Over the last months we have connected five Chinese banks to the CNAPS platform and we are currently implementing many more projects. Our deep subject matter expertise sets us apart, as well as the open and flexible nature of our technology applications. We are extending our workforce in anticipation of a growing level of activity in the Chinese banking community."

The Clear2Pay China office is home to over 75 staff with a sales team headed up by Chan Mun Kiat and Frank Wu.

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