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Syndicate Bank : Cheque Truncation System

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PCQ Bureau
New Update

Earlier cheques used to physically move to branches, regional offices,

central accounts offices and finally at RBI clearing house for settlement. It

was a time consuming process and also led to delays in clearing operations. Now

instead of physical cheques, images travel from branches to nodal centers and

finally to a central server at the Central Accounts Office which is having

direct connectivity with the RBI system to facilitate immediate clearing. Though

all this sounds easy, it requires a lot of security infrastructure at branch,

communications and finally at the server level. An information security

framework has been designed around this system, consisting of three-tier

security. The first-tier uses digital signatures at branches, second-tier

comprising communications doing encryption and finally the third-tier at the

server for matching check sum. It has benefited the public immensely and now

clearing is faster, secure and occurs within T +1 day. A proper BCP and a DR

site is in place to take care of any eventuality for uninterrupted operations.

For banks it has helped in effective funds management and better customer

service. This ensures faster clearing and immediate credit to customers'

accounts. The CTS Project was implemented with 35 nodal branches in NCR Delhi

catering to a total of 215 branches. At present around 40,000 cheques are

processed using this system.

Project

Specs
  • Deployment Location: NCR Delhi ( deployed in about 200 branches

    of Delhi)
  • Team Size: 20
  • Tech Used: Client Server Architecture and a fall back system

    with proper Business Continuity Plan
  • Expected life: NA

Project

Head

Atul Kumar,



CIO

Implementation

Partner

HCL Infosystems

 
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