New Delhi based technology firm Image Infosystems has developed a mobile application that banking institutes would love to use. The company has developed a smartphone based cheque truncation solution that the banks and cheque clearing houses can use to reduce the time to clear a cheque.
The mobile app will be launched very soon.
The mobile app, called ICE or Image Capture and Express Clear, would do the job what the scanner at the banks or clearing houses do. With this mobile app, the official at the banks can use the camera of the smartphone to take the image of the cheque which will then transmitted electronically to the clearing house or to the drawee bank.
“The pain with a cheque is the time it takes to get cleared,” says Archana Kumar, MD of Image Infosystems. “And we have developed solutions that can reduce the whole cheque clearing process to few hours as compared to few days, even now,” he adds.
The mobile app developed by Image Infosystems can be used on android as well as iOS based smart devices.
The company is in final stages of talks with multiple banks for the deployment of the mobile app in their CTS solution. However, the company declined to name the prospective customers.
The Reserve Bank of India, in 2010, introduced cheque truncation system, a process where the physical movement of cheques can be eliminated. Instead, an image based cheque clearing process was introduced wherein the digital image of the cheques are sent to the clearing houses, and from there it goes to the drawee bank.
The mobile app can capture the image of the cheque, read the magnetic ink character recognition (MICR) data and transmits to the desired bank.
The mobile app based checque truncation solution is in addition to the company’s existing CTS solution that majority of the banks already use. In fact, Image Infosystems is among the leading software firms whose CTS solutions are being used by most of the banks and clearing houses.
With Payments Banks Licenses being given to many operators, the company believes, the mobile based CTS would be more handy for these nnew age banking firms.
“Smartphone being ubiquitous, I don’t see any reason why would you use a different device for something that can be done by a smartphone,” explains Satish Kumar, Director – Finance and Marketing at Image Infosystems.
Both Satish and Archana founded Image Infosystems in 2002 and the company’s solutions are currently being used at more than 50,000 bank branches all over the country.