Cashless: Banks sign on iTeller, cheque truncation application

With the extension of the Central Bank of Nigeria (CBN)’s cashless policy to other parts of Nigeria, banks have further articulated their readiness to work with the CBN to replicate the cashless regime across the country.

Some of the banks including Sterling Bank, FCMB, Access Bank and Mainstreet Bank demonstrated this readiness recently when they signed on iTeller, an indigenous cheque truncation application.

The current cheque truncation regime is planned to reduce the cheque clearing cycle from T+2 to T+1, while the iTeller application is presently a T+0 ready system. The system is an ultra violet cheque scanning ready solution.

Cheque truncation is one of the instruments necessary for the actualisation of the cashless regime and it is just being implemented in Nigeria.

iTeller application is a suite of integrated solutions that comprises Automated Teller Machin-based self-service cheque lodgment, cash lodgment/withdrawal and cashier’s desktop transport cheque scanning system for a state-of-the-art and an endto- end branch level cheque truncation capability as well as a slip-free banking experience.

Business Courage gathered that the Nigeria Inter Bank Settlement Systems (NIBSS) and Nigeria’s leading fi nancial services software provider, Precise Financial Systems, PFS, recently collaborated with the CBN to achieve the cheque truncation exercise across the 37 branches of the CBN in states capital in Nigeria including the federal capital territory, Abuja.

According to a statement emanating from PFS, the company behind the iTeller application, which was signed by its Managing Director, Yele Okeremi, the application provides an optimal mix of both hardware and software for capturing, through in-built scanner and processing of cheques presented by customers for lodgment.

Speaking n the statement, Okeremi said the design concept ensures a proper handshaking with the bank’s core banking application.

According to Okeremi, “The cheque truncation is already on. The latest and most remarkable achievement is the signing on of iTeller by the CBN, the regulatory agency behind the cheque truncation policy. Coming on the heels of that is the signing on of Sterling Bank, FCMB, Access Bank and Mainstreet Bank.”

He added that iTeller runs a simple model for cheque truncation processes and challenges the status quo.

With iTeller, these banks now have access to the full compliments of its functionality, which include auto email alerts for back-offi ce processing of remote cheque lodgment at ATM by customers.

“iTeller’s cheque truncation design makes it very fl exible for any of these banks to decide whether to truncate its cheques at the branch level or cluster level. Any of the truncation models comes ready with a central processing centre that enables a bank to perform its central clearing cheque processing functions for both outwards and inward cheques,” he said.

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