Newgen Software Technologies Limited is a leading company in Business Process Management (BPM) and Enterprise Content Management (ECM). The company has launched its next generation Cheque Truncation System (CTS) adapted to RBI “CTS – 2010 standard”. The main aim behind launching this system is to fully automate data extraction, verification and fraud detection in the CTS environment.
In this new specification the layout format of the cheques has been standardized to a much greater degree in comparison to the earlier one, also it includes various cheque security features. These security features not only ensure uniformity across all cheque forms issued by banks in the country, but will also help in scrutinizing cheques of drawee banks in an image-based processing scenario.
Speaking on the merits of ‘CTS-2010 standard’, Mr. Virender Jeet, Senior Vice President, Technologies said, “CTS-2010 standard is the right step towards achieving the true benefits of Cheque Truncation. Newgen’s research and development team has been working on the different aspects of cheque security and automatic data extraction for quite some time and now we can derive immense returns from these innovations”.
This standard also have another innovative security features - pantograph and ultra-violet logos. On all cheques bank logos will be printed with UV ink and these logos will be visible only under ultra-violet light. Moreover any corrections on the cheques will not be allowed.
More than 50 banks across Asia Pacific, India, Middle East, Africa and Europe including ING Vysya, Kotak Mahindra Bank, Bank of Baroda, Andhra Bank, Indian Bank, United Bank of India, Karnataka Bank, Abu Dhabi Commercial Bank, RAK Bank, Mashreq Bank are already gaining business benefits from Newgen’s CTS solution.
Newgen’s innovative solution will completely computerize Cheque Truncation and automate data extraction of all cheque fields which will be a great help for the banking industry as a whole and will improve the functioning of banks.