Newgen Software launches next generation Cheque Truncation System
The new specification standardizes the layout format of the cheques to a much greater degree than earlier and also includes various cheque security features.
- (1888PressRelease) August 11, 2010 - Newgen Software Technologies Limited, a market leader in Business Process Management (BPM) and Enterprise Content Management (ECM) has launched its next generation Cheque Truncation System (CTS) in tune with RBI "CTS - 2010 standard". It aims at fully automating data extraction, verification and fraud detection in the CTS environment.
The new specification standardizes the layout format of the cheques to a much greater degree than earlier and also includes various cheque security features. The set of minimum security features not only ensure uniformity across all cheque forms issued by banks in the country, but also help in scrutinizing cheques of drawee banks in an image-based processing scenario.
Commenting on the merits of 'CTS-2010 standard', Mr. Virender Jeet, Senior Vice President, Technologies said, "CTS-2010 standard is the right step towards achieving the true benefits of Cheque Truncation. Newgen's research and development team has been working on the different aspects of cheque security and automatic data extraction for quite some time and now we can derive immense returns from these innovations".
Another ground-breaking feature of the standard is the introduction of the security features -- pantograph and ultra-violet logos. All cheques will have their bank logos printed with UV ink. These logos will be visible only under ultra-violet light. Furthermore, any corrections on the cheques will be prohibited.
More than 50 banks across Asia Pacific, India, Middle East, Africa and Europe including ING Vysya, Kotak Mahindra Bank, Bank of Baroda, Andhra Bank, Indian Bank, United Bank of India, Karnataka Bank, Abu Dhabi Commercial Bank, RAK Bank, Mashreq Bank have already been deriving business benefits from Newgen's CTS solution.
Newgen's solution completely automates Cheque Truncation and automated data extraction of all cheque fields. This innovative solution will not only be extremely beneficial for the efficient functioning of banks but also a huge advantage to the industry as a whole.
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