Cheque Truncation System (CTS) or Image-based Clearing System (ICS), in India, is a project of the Reserve Bank of India (RBI), commenced in 2010, for faster clearing of cheques.[1] CTS is based on a cheque truncation or 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.
Cheque truncation means stopping the flow of the physical cheques issued by a drawer to the drawee branch. The physical instrument is truncated at some point in route to the drawee branch and an electronic image of the cheque is sent to the drawee branch along with the relevant information like the MICR fields, date of presentation, presenting banks etc. This would eliminate the need to move the physical instruments across branches, except in exceptional circumstances, resulting in an effective reduction in the time required for payment of cheques, the associated cost of transit and delays in processing, etc., thus speeding up the process of collection or realization of cheques.
^Frequently asked questions (FAQ) on cheque truncation project in the National Capital Region Archived 3 March 2011 at the Wayback Machine
and 23 Related for: Cheque Truncation System information
for faster clearing of cheques. CTS is based on a chequetruncation or online image-based cheque clearing system where cheque images and magnetic ink...
Example of a US truncatedcheque (Substitute check) Chequetruncation (check truncation in American English) is a cheque clearance system that involves...
either in the traditional physical paper form or digitally under a chequetruncationsystem. This process is called the clearing cycle and normally results...
their biometrics. CTS is based on a chequetruncation or online image-based cheque clearing system where cheque images and magnetic ink character recognition...
was a rival system named 'Fred' (Figure Reading Electronic Device) which used figures that looked more conventional. Chequetruncationsystem Electronic...
and telecommunications industries. Sybrin implemented the first chequetruncationsystem in Africa, the third in the world, in Malawi. The company offers...
by the Check 21 Act which came into effect in 2004. Remote deposit Chequetruncation "Clearing Replacement Documents Coming This October – Amendments to...
check Chequetruncation Lock box "Federal Reserve Board - Frequently Asked Questions about Check 21". Board of Governors of the Federal Reserve System. Retrieved...
removing the paper check from its processing flow is called "check truncation". In truncation, both sides of the paper check are scanned to produce a digital...
Formed in June 1989, operates in the Area of Payment Systems - ChequeTruncation and ACH Systems, G-switch (Global Switch) a transaction processing company...
customer who deposited or offered the check for settlement. Check (cheque) truncation Remote deposit "Frequently Asked Questions: Consumer Compliance FAQ...
instantly at the time of opening an account. The first-ever Cheque Imaging & Truncating (CIT) site in Sri Lanka was launched by Sampath Bank in 2004...
meaning is further obscured by adding a second iteration of rhyme and truncation to the original rhymed phrase. For example, the word "Aris" is often used...
transfer such as with payment cards, or negotiable instruments such as cheques). Cash rounding typically occurs when low-denomination coins are removed...
from the original on 16 October 2006. Retrieved 31 December 2016. "Chequetruncation process from April, says Leeladhar". The Hindu. 20 November 2005....
(or cheques) by magnetic ink character recognition (MICR) and sorting for the paying financial institutions. In 2000, the US Federal Reserve System processed...
Archived from the original on 16 October 2006. Retrieved 18 April 2008. "Chequetruncation process from April, says Leeladhar". The Hindu. 20 November 2005....
(now Patna) and operated from 427 until 1197 CE. Cheque/Check – There is early evidence of using cheques/checks. In India, during the Maurya Empire (from...
suggested that you should: Scream HOORAY!! Buy a round of drinks. Send me a cheque. Tell the orderlies that they can let you out now. Etc. etc. The book also...
foreign country. truncation The sharply cut off bottom edge of a portrait or bust. The coin engraver's initials are often found on the truncation. type A coin's...
the Minister for Law S. Jayakumar quoted Lord Diplock to justify this truncation of judicial review on the basis that national security is "the responsibility...
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