Cheque Digitization – for a Cheque Processing TPA in the UK

The Future Clearing Scheme under HM Treasury and UK legislation required paper cheques to be processed within 2 days instead of 5. The project implemented a Message Orchestration system to interact with the banking Central Infrastructure (external) and internal systems to meet this requirement. The project involved out-of-the-box solution architecture and design, data architecture to meet extreme QoS requirements.

Benefits:

  1. Cost reduction to the bank due to the digital delivery of cheques instead of physical delivery using secure trucking fleets
  2. Reduction in the cheque clearing time for customers from 5 days to 2
  3. Compliance with FCS legislation