Indian Overseas Bank has selected Silver Bullet's Ranger API as its portability strategy for the check truncation
software used for branch capture across IOB locations in India.
Indian Overseas Bank has selected Silver Bullet's Ranger[R] API as its portability strategy for the check truncation
software used for branch capture across IOB locations in India, the company said.
And while Europe has moved away from checks, in the United States, technological innovations like check truncation
and remote deposit capture have made it easier to use them, a development that has lessened companies' motivation to push toward electronic payments.
Panini, a global payments solution provider, has launched several major initiatives to accelerate growth and leverage its market position as the world s leading provider of check truncation
The report objectives are to (1) determine the gains in economic efficiency from check truncation
and evaluate the benefits and costs to the Federal Reserve System (Federal Reserve) and financial institutions; (2) assess consumer acceptance of the check truncation
process resulting from Check 21; and (3) evaluate the benefits and costs to bank consumers from check truncation
These 19 articles describe a wide range of applications of information technologies now applied, or soon to be applied in Indian banks, covering such topics as the opportunities available and the sustainability of Indian e-banking, technology for management, e-delivery, Internet banking, risk management issues, emerging technologies, the performance of Six Sigma, ongoing challenges, optimization of investments in information security, check truncation
systems, and the tasks ahead.
Successfully implemented in 76 banks and 3 Central Banks in 5 countries, this pioneering solution actualized a fully electronic, same-day clearing cycle, with check truncation
from the branch.
To facilitate check truncation
and electronic check exchange, the Check 21 Act authorizes a new negotiable instrument called a "substitute check" and provides that a properly prepared substitute check is the legal equivalent of the original check for all purposes.
The Act provides for voluntary check truncation
in the clearing process.
With Check 21's passage, a new debate rages as to the superiority of two competing check electronification options--check conversion versus check truncation
The process is called virtual electronic check truncation
and is a new feature of the e-Pay Plus module, which automates the tenant billing process.
Check 21, passed by Congress in 2003, will improve the efficiency and reduce costs in the nation's check collection system by reducing some of the legal impediments to check truncation
, a process that captures digital images of checks and delivers them electronically.