NCR Corp gets cheques truncation orders from SBI

New Delhi, Nov 16 (UNI) NCR Corporation has bagged cheque truncation orders from State Bank of India (SBI), including seven of its associate banks, and 15 other leading banks in India.

Under the agreement, the company will provide a banking solution 'Cheque Truncation' to enable banks to truncate cheques at branches, service branches, or service bureaus replacing physical paper cheque transportation by electronic cheque image.

This will help them reduce cheque processing time and making funds available much faster to the customers.

The other banks include RBI, PNB, IDBI, Canara Bank, Allahabad Bank, OBC, Punjab and Sind Bank, J&K Bank and IndusInd Bank.

''Indian banks are moving towards adopting newer technologies that enables faster payment and settlement solutions that would reduce cost and offer enough time to concentrate on newer products and bettering customer relationships,'' NCR Corporation GM (South East Asia) Navroze Dastur said.

The solution facilitates maintenance of transactional records giving banks intelligent data to understand customer preferences and its signature verification solution that makes transactions fair and transparent, he said.

Most of these orders are under the enterprise license which means that the same solution can be rolled out across other part of the country.

As per the RBI mandate, banks in Delhi will have to implement Cheque Truncation by the end of 2006.

Prior to the order, NCR was appointed by the RBI to conduct a pilot project, involving 83 participating banks, for implementation of the cheque truncation pilot project in the NCR.

UNI KR PV Mir Rk1640