NCR software revolutionizes cheque processing system with innovative
image-based cheque clearing solution
MUMBAI, India--(BUSINESS WIRE)--Nov. 26, 2014--
NCR Corporation (NYSE: NCR) and National Payments Corporation of India
(NPCI) announced today the successful completion of the landmark Cheque
Truncation System (CTS) project in India. Started by the Reserve Bank of
India, India’s Central Bank, in December 2007 to ease the process of
cheque clearing in the country, this project changes the traditional
physical movement of cheques to electronic clearing using NCR’s
image-based software that is secure, fast and cost efficient.
The CTS project is categorized into three grids to manage cheque
processing in the country, including North Grid based in Delhi, South
Grid in Chennai and the West Grid in Mumbai. The 1st phase
implementation started in the National Capital Region followed by the
South and West grids. The grids are powered by NCR APTRA™ Clear and
ImageMark™ Archive software, using image-based cheque scanning
technology that allows banks to capture the images of the cheque and
securely transfer it to the drawee bank electronically through the
clearing house based in NPCI.
“It is a moment of pride for us as we achieve this huge milestone with
the successful completion of CTS implementation in India,” said A.P.
Hota, MD and CEO, NPCI. “The project was initiated by the Reserve Bank
of India to bring to the forefront advanced and reliable solutions;
keeping in mind the huge volume of cheques that is used in India, a
secure system is necessary as we add more people to the financial
network. We recognize the efforts of NCR and our technology partners for
their commitment and innovative technologies to make this project a
success.”
NCR’s cheque imaging technology and software applications have reduced
the cheque processing settlement time significantly from three days to
two for intercity cheques and just one day for intracity cheques. An
average volume of 40 lakh (4,000,000) cheques are processed and cleared
in a day with a record peak of over 55 lakh (5,500,000) cheques
processed and cleared in a single day last month.
“NCR is honored to partner with NPCI and RBI in successfully completing
this prestigious CTS Project, which will change the way cheque clearance
takes place in the country,” said Navroze Dastur, managing director for
NCR India. “Cash availability schedules, transfer delays, fraud
potential and the inherent manual process in banks increase the risk and
cost associated with existing cheque clearing environments. The
electronification of paper processing improves the potential for
increased efficiencies, enables significant risk reduction and lower
transaction costs.”
About NPCI
National Payments Corporation of India (NPCI) is the umbrella
organization for all retail payment systems in India, set up with the
support and guidance from the Reserve Bank of India and Indian Banks’
Association. RuPay, an indigenous card scheme of NPCI, is playing a
vital role in the ‘PM Jan Dhan Yojana’ by providing debit card to every
account holder. The government is aiming to open 7.5 crore accounts by
January 26, 2015 which clearly means the card base of RuPay will touch
close to 50 million.
About NCR Corporation
NCR Corporation (NYSE: NCR) is the global leader in consumer transaction
technologies, turning everyday interactions with businesses into
exceptional experiences. With its software, hardware, and portfolio of
services, NCR enables more than 485 million transactions daily across
retail, financial, travel, hospitality, telecom and technology, and
small business. NCR solutions run the everyday transactions that make
your life easier.
NCR is headquartered in Duluth, Georgia with approximately 29,000
employees and does business in 180 countries. NCR is a trademark of NCR
Corporation in the United States and other countries. The company
encourages investors to visit its web site which is updated regularly
with financial and other important information about NCR.
Web site: www.ncr.com,
www.ncrsilver.com
Twitter: @NCRCorporation,
@NCRRetail
Facebook: NCR
Corp., NCR
Retail
LinkedIn: NCR
Corporation, NCR
Retail
YouTube: www.youtube.com/user/ncrcorporation
Source: NCR Corporation
NCR Corporation
Rakesh Aulaya, 919.987.011.973 (cell)
912.261.954.583
(office)
rakesh.aulaya@ncr.com
