Under the pact, the solution would provide "immediate assurance of cheque image quality, eliminating processing errors at the source and significantly strengthening the bank's ability to conduct faster clearing of cheques," city-based Intellect said in a statement.
Cheque Truncation System implemented by RBI in 2014 has reduced the time and cost of cheque clearings by replacing the physical delivery of paper cheque with electronic transmission.
"Image quality assurance at the source provides faster cheque clearing. Accelerated and accurate clearing becomes more important as physical cheques are often destroyed," CEO of Silver Bullet Technology Bryan Clark said.
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