The cheque transfer procedure is lengthy and tedious. Moreover, the service is only possible at any bank branch and can’t be remote. The collecting stacks of paper cheques and slow clearance procedure demanded an improvement in the system.
With the wind of advancing technology, e-banking and digital schemes have come up in plenty. Along with them finding a solution for the cheque system, truncation and digitization are implemented.
What Is Check Truncation?
An electronic image after scanning instead of the physical copy is sent to the customer.
- A more advanced and secure procedure for the transaction implements fraud detection and watermark recognition features.
- Manpower and rudimentary process of manual documentation reduced, and the transit displacements are highly reduced.
- Unlike card and e-wallet transfers, there are no additional service charges attached.
- The paper cheques containing the branch information, MICR codes and details also facilitate easy storage.
Insight Of Latest Scanners
Many companies keen to improve the new technology aiding the financial sector have come up with various scanners.
- Single Feed Scanners: Compact and reliable with higher security connections and easy use. Fit for small businesses and financial institutions. Simple installation for check insertion and scanning.
- Batch Scanners: Superior codes and image reading facility. Features distinguished branch capture and teller captures. Different documents, coupons, tickets, payslips and vouchers are also scanned.
- Multi-Format Scanner: What could be the other documents required for scanning apart from checks. Storage and documentation often need the records like driver’s licence, ID cards or other cheque sized docs. Multi-format allows scan and store of any file anywhere.
- Wireless Scanners: Probably the well-chased products, wireless easily connect to several phones and laptops at distant and multiple devices at times. It quickens the process and reduces paperwork and even device purchase. Bank’s chase check scanner systems for improving client response and swift progress in the work.
The document storage is facilitated on any database and cloud applications. The scanners connect via the internet or Wi-Fi channels and don’t need any Apk installation or special platforms to operate. They are highly reliable to store data securely in an organized way.
The world is fast-changing and adopting new methods and procedures. Since cheques still prevail in the financial world for huge transactions, digitizing them to an extent turned things secure and reliable.