Simplified, secure, and accelerated cheque clearance in bulks
Fully automated, paperless cheque image clearing solution
Online deposit tracking system
Current dated and post-dated management
User-friendly end-to-end reporting
Reduced costs and risks associated with the transportation of items
Chargeback/redeposit options from online screens
Cheque clearing in UAE has entered another era via the new cheque clearing solution online called ‘Image-based cheque clearing system’. The new ‘image cheque clearing system’ which is fully electronic has already become operational linking all the banks in UAE. With this cheque image solution, the cheques can be cleared within a few hours. This duration was gradually reduced as the banks became accustomed to the CTS cheque image system. The cheque image clearing system enables the CTS cheque clearing faster, within hours. Unity’s cheque imaging and truncation system – ICCS, is capable of electronic clearing of cheques irrespective of where they are presented.
Clearing of cheques through the traditional system took between 2 to 6 days earlier. With the check truncation system, there is a cheque archive facility at the Central Bank which will be made available to all banks in UAE. This new cheque imaging solution had enabled the storage of cheques for fewer years, but has been extended when the image-based cheque clearing system became operational for some time.
Providing end-to-end cheque imaging solutions, the image-based cheque clearing system comes armed with functionalities for all phases involved with CTS cheque clearing such as outward clearing, inward clearing, postdated cheques, return of outward, return of inward, onus cheques processing, corporate cheque capture and reconciliation. Based on the experiences, research and development investments that Unity has attained over the years in cheque imaging solutions, we have launched a state-of-the-art advanced version of our existing ICCS solution “ICCS Corporate”.
Over the last few years since the cheque truncation system was executed in UAE, we have seen the cheque image clearing system evolve in many banks and collected their valuable feedback, learned it thoroughly and developed ICCS Pro integrating a vast set of features, performance aids and best practices of those banks into this cheque imaging and truncation system.
Unity pride itself in aiding banks streamline and cater to the rising customer demand and attain substantial savings in IT support expenses. The CTS cheque imaging system leverages our wide experience from working with many leading banks in the country.
Despite banking industry forecasts of the expiry of cheques, they remain one of the major payment methods in many countries. The Image Cheque Clearing System (ICCS) signifies the contemporary way of processing traditional paper-based payment methods. A few countries across the globe provide CTS cheque clearing using similar technology. In 2003, Singapore introduced an image-based cheque clearing system and was a forerunner in this field. The other country who have employed cheque truncation system is the USA. ICCS or image-based cheque clearing system signifies a key step forward in the operation of the Central Government Strategy to use electronic schemes and technology to enhance the speed, competence and security of transactions happening in the UAE.