Cheque Archival Solutions
Cheque Archival Solutions
Challenges in Today’s Processing of Cheque and Remittance Advices
Many organisations and institutions today still receive paper cheque and remittance advices in large numbers. These documents come from within their own organisations or from other institutions at metro, regional to rural offices. Processing these documents is a tedious job and requires involvement of multiple parties, some are third parties. Such multi-layered involvement in remittance advice and cheque processing doesn’t only delay settlement, but it also increases the risk of human errors—leading to steep increase in operational costs.
Overview of SMARTCAPTURE™ Solutions
Introducing SMARTCAPTURE™, a user-friendly application designed to simplify and streamline the processing and archival of cheques and remittance advices.
Using SMARTCAPTURE™, cheques and remittance advices can be scanned and read, not only for archival or record-keeping purposes but also for further processing. Cheque data and images can be transmitted electronically within and across institutions, intra- and interbank, reducing overheads in operations, transportation, and physical storage space, and minimising risks of discrepancies and losses during handling. Furthermore, electronic cheque data can be easily backed up and restored, providing flexibility in managing your data recovery centre.
SMARTCAPTURE™ offers comprehensive solutions to address the challenges in cheque and remittance advice processing, including:
| Challenges | Solutions |
|---|---|
| Cumbersome processing of paper cheques | Solved |
| Mitigation of discrepancies and losses | Solved |
| Reduction of high processing costs | Solved |
| Expedited settlements | Solved |
Various Cheque and Remittance Solutions
Discover diverse solutions for efficient cheque and remittance processing to meet various business requirements.
Many to One
Multiple remittance advices followed by one cheque
One to Many
One remittance advices followed by multiple cheques
One to One
One remittance advices followed by one cheque
Key Features of SMARTCAPTURE™
SMARTCAPTURE™ boasts capabilities including:
Automated Double Verification
Utilising MICR and OCR technologies: With MICR and OCR read sensors embedded in the scanner, SMARTCAPTURE™ ensures dual control over processed cheques and remittance advices, speeding up the document processing while reducing the risk of financial losses.
Archival Mode Options
SMARTCAPTURE™ allows scanning of documents in various combinations, including:
- One remittance advice followed by one cheque
- One remittance advice followed by multiple cheques
- Multiple remittance advices followed by one cheque
B/W, Greyscale, or Colour Image Capture
SMARTCAPTURE™ captures, processes, and stores data and images in various image settings—B/W, greyscale, or coloured images.
Fully Automated Image and Data Workflow
SMARTCAPTURE™ offers a completely automated image and data flow from scanning of cheques and remittance advices, document authentication, batching, and balancing of transactions for further processing.
Basic to Advanced Search Tool
Retrieve data from the electronic document archive using keyword/value search or range value search, enabling easy verification of suspected discrepancies at point of presentment.
Exportable Data
Data stored in SMARTCAPTURE™ database (archived data) can be exported into file format for further processing or backup purposes.
Compatibility with a Wide Range of Check21 Scanners
SMARTCAPTURE™ is compatible with a wide range of document or cheque reader scanners of Check21 standard, accommodating both manual feed and auto feed document scanning without customisation.
Benefits of Using SMARTCAPTURE™
SMARTCAPTURE™ enables your organisation to:
Simplified Settlements
Simplify end-of-day settlement with point-of-presentment cheque processing
Extended Deposit Hours
Increase customer satisfaction by extending deposit cut-off hours
Accelerated Processing
Speed up the handling and processing of cheques and remittance advices
Streamlined Operations
Streamline entire operations by eliminating multiple handling
Reduced Costs
Reduce unnecessary costs resulting from human error associated with manual intervention and maintenance of separate remittance advice and cheque inventories
Expedited Decision-Making
Accelerate decision-making with increased audit and disaster readiness
Proactive Discrepancy Anticipation
Anticipate any potential discrepancies and disputes at point of presentment