Newgen Unveils Cheque Truncation Solution

Newgen, global provider of Business Process Management, enterprise content management among others, has launched cheque truncation system in the country’s financial space.


Amandeep BansaI, manager, Product and Solutations, Newgen Software Technologies, said that Newgen cheque truncation system (CTS) brings improved operational efficiency in clearing cheques for both inward and outward clearing queue.


“If our cheque truncation solution has been expanded to other cities outside Lagos, Newgen cheque truncation system will help to scan the cheque at those remote locations whether there is network or not. It will also help you do image analysis, data entry, do micro analysis among others and send to one central server,” he said.


He added that CTS promises to bring multiple benefits to customers by substantially reducing the time taken to clear the cheques as well as to the banks by enabling them to offer better customer service and increasing operational efficiency by cutting down on overheads in physical clearing. In addition CTS also offers better reconciliation and fraud prevention.


Newgen cheque truncation system uses image, instead of the physical cheque itself for clearing.


 The cheque image is truncated at the presenting bank.


Subsequently, the cheque image moves through various steps in the cheque clearing cycle and transactions are settled on the basis of images and electronic transactions.


A traditional point-solution for CTS can meet all mandatory operational and regulatory needs of a bank. However, to drive additional benefits out of this application, banks can also opt for a CTS solution based on a Business Process Management platform.


This provides the required flexibility and speed of implementation to drive additional benefits of the CTS technology.


Bansal noted that Newgen CTS can be integrated to any core banking application and is in line with Central Bank of Nigeria guideline on cheque truncation.