Cheque Truncation System IndiaCTS Software For Indian Banks
Cheque Truncation System India
Cheque Truncation System India is basically an online image-based cheque clearing system where cheque images and Magnetic Ink Character Recognition (MICR) data are captured at the collecting bank branch and transmitted electronically. Truncation means, stopping the flow of the physical cheques issued by a drawer to the drawee branch. Cheque truncation is the conversion of a physical cheque into a substitute electronic form for transmission to the paying bank. Cheque truncation eliminates cumbersome physical presentation of the cheque and saves time and processing costs.
DEFINITION of ‘Magnetic Ink Character Recognition Line – MICR’ The information that appears at the bottom of a check that includes the bank’s routing number, the customer’s account number, and the check number.
Cheque Truncation System India Features