Automated cheque imaging & clearing system for commercial banks (ACICS)

Abstract

In the past a transactions between two parties took place by way of exchanging goods. This was referred to as the barter system. However due to many shortcoming in the barter system currencies were introduced in order to reduce difficulties faced by people. Due LO problems such as transportation, security and other factors cheques were introduced in to the system with the expansion of the economy . With the introduction of cheques a bill of exchange act was passed by the parliament to enable cheques to be en -cashed, credited and cleared. Now the economy has expanded to a very large e z t ent. and the usage of cheques in the economy :LS growing I many cheques are in circulation today and customers expect cheques collected by them to be converted in to the form of cash of credited to their account immediately. Due to above mentioned reasons and with a view of reducing the cost incurred in transportation, , encoding and processing, etc a new system of clearing of cheque will be introduced. This system is referred to as Image Clearing. With the introduction of image clearing system, transportation cost will be reduced. Since a cheque would be scanned, data entry errors can be eliminated. Further the time taken for a cheque to real .i ze would be cut short by one day. Another feature of this system is that it would reduce the workload with regard to repetition of data and reduce the number of individuals cheque clearing system. In this thesis I report on a system developed by me to reduce the workload connected with en-cashing, crediting and clearing cheques in commercial banks of Sri Lanka. The main feature of this system is capturing image of both si des of cheques and to send it for clearing. This proposal made by me in 2000 and some of the features are already Lmp Leme nt.ed in Sri Lanka.