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Cheque truncation system solution


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Newgen Case Study on Cheque Truncation System Solution.

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Cheque truncation system solution

  1. 1. Case Study BANKING SOLUTIONS FOR BUSINESS PROCESS & CONTENT MANAGEMENT Cheque Truncation System Solution For a Leading Indian Bank Overview Servicing customers for over 85 years, the bank has achieved tremendous growth and still has a phenomenal ambition to grow further. The bank shall be rolling out the insurance products through a Joint Venture. The bank is also expected to start a subsidiary by the next year. Further, the bank has plans of opening branches and installing ATMs in the present financial year within different parts of India. The Challenge Key Highlights The bank was running on a legacy system TBA (Total Bank Automation) and not on a Core Banking Solution. All the clearing activities had to be ! Adherence to Central Bank’s de-centralized as all the Bank’s branches had individual databases for regulatory compliance Account information. ! Centralized solution for cheque processing The bank required a solution that had flexibility in terms of deploying the ! Automatic data extraction and solution in any architecture suitable for the bank. It was also looking for a verification solution that had the ability to manage the central archival system. The ! Image assisted data entry support bank was looking for a vendor, who would provide an end-to-end ! Faster TAT customer-centric solution. ! Lower risk and enhanced operational efficiency The Newgen Solution To meet its requirements, the bank analyzed the available solutions and finally chose Newgen's Cheque Truncation System (CTS, ChequeFlowTM). ChequeFlowTM comprises of OmniFlowTM for process TM automation and OmniDocs as the underlying document management TM system and ChequeFlow Lite for Branch level processing. The process followed by Newgen's solution mainly consisted of scanning all the outward clearing instruments, analyzing the image quality of the instruments, verifying and correcting the images in case of Image Quality Assurance (IQA) failed cheques, performing and authorizing data entry of all the individual instrument amounts as per the maker/checker concept. Newgen's solution also enabled exporting of the file for the Central Bank in the prescribed format(s), performing a manual verification of the rejected cheque(s), generating the unloadable file(s) for the legacy system and archiving all the cheques in the underlying DMS. The inward process involved uploading and splitting the data and image files received from the clearing-house, generating data files for validations in the Bank's legacy system, and then verifying the technical
  2. 2. Case Study BANKING SOLUTIONS FOR BUSINESS PROCESS & CONTENT MANAGEMENT and signature aspects of all the cheques. The process also created reversal files for the rejected cheques, generated the return files (for the Central Bank) for the rejected cheques and archived all the instruments in the underlying DMS. The following diagram illustrates the implementation of Newgen Software Technologies the Newgen solution. Limited is the market leader in Business Process Management (BPM) and Enterprise Content Management (ECM), with a global footprint of about 800 installations in over 35 countries. More than 100 of these implementations are large, mission-critical solutions deployed at world's leading BFSI, BPO and Fortune Global 500 companies. Newgen is recognized by distinguished analyst firms like Frost and Sullivan as A 'Hot Company to Watch for' in their global ECM Market report, 2009 and by IDC in its exclusive report “Newgen Software: Global Leader in Business Process Management and Document Management Solutions”. The Benefits Newgen is a winner of prestigious The Newgen solution provided the following benefits to the bank: award, such as CNBC-TV18, ! Compliance with the Central Bank's mandate on Cheque Clearing “Emerging India Award 2008”. ! Reduction of manual tasks leads to reduction of errors With HSBC and SAP investment, ! Customer satisfaction due to the reduced Turn Around Time (TAT) Newgen is one of the rare product ! Transaction Audit companies to have backing of both ! Reduced manpower and overhead costs leading financial and technology ! Real-time tracking and visibility of the cheques companies of the world. Newgen’s ! Secured transfer of images to the RBI leading to less fraudulent cases Quality Systems are certified against ISO 9001:2008 and Information Security Standard, ISO 27001:2005. Newgen has been assessed at CMMI Level3. Newgen prestigious clients include HSBC Bank, Deutsche Bank, Hua Nan Bank, ABN Amro Bank, ICICI Bank, IDBI Bank, State Bank of India, ING Vysya Bank, CitiFinancial, RAK Bank, Bank of Tanzania, Max New York Life, Bajaj Allianz, Royal Sundaram Alliance, Unilever, Philips, GE Countrywide, EXL, Satyam Nipuna, iGATE, Core 3, Ranbaxy, GSL, Kenyan Airways and SEC Phillipines. Corporate Office US UAE Newgen Software Technologies Ltd. Newgen Software Inc. Newgen Software Technologies Ltd. A-6, Satsang Vihar Marg, 1364 Beverly Road, Suite 300 YI 46, PO Box 120586 Qutab Institutional Area, McLean, VA 22101 Sharjah Airport International Free Zone New Delhi - 110 067 INDIA Tel: +1-703-439-0703 Sharjah, United Arab Emirates (UAE) Tel: +91-11-4077 0100, 2696 3571 Email: Email: Fax: +91-11-2685 6936 Email: UK Newgen Software Technologies Ltd. 68 Lombard Street, London EC3V, 9LJ CTS-CS-ANDH Tel: +44-207-868 1736 Mobile: +44-78154 96669 Email: