With over 1.3 billion cheques being processed annually, India boasts the largest cheque truncation project in Asia.

In keeping with the rapidly changing banking and technology scenario in India, the RBI has taken a strategic decision to invest in a world-class image-based clearing solution that eliminates the physical movement of cheques, providing a more secure and efficient method for clearing cheques. This solution also allows banks to maintain electronic data to address customer queries within the shortest possible time.

Navroze Dastur, NCR general manager for Payment Solutions in South Asia, said, "Globally, banks are moving towards adopting newer technologies that permit faster payment and settlement, thereby reducing costs and saving time, enabling them to concentrate on newer products and bettering customer relationships. The CTS only enables seamless transition from paper to a secure image-based cheque clearing system, but also presents data analytics capabilities for banks to secure intelligent data for better understanding customer needs and improving bank-customer interface."

The NCR Cheque Truncation System includes: NCR's ChequeMark Image Processing solution - addressing hardware and software needs for image capturing; ImageMark Electronic Cheque Presentment with Image Exchange (ECPIX) software - to securely exchange images of items (cheques) rather than physical paper; and ImageMark NCompass Archive - enabling storage of cheque images as a central archive.