Solchar monitors developments in cheque usage. Although cheque clearing volumes are decreasing at the rate of over 10 per cent every year there are still around 4 million items cleared every working day.
The decline in cheque numbers is slower than originally anticipated and there is currently no substitute payment method available. The cheque continues to provide audit trail clarity and is popular for business to business transactions and for paying some types of bill. The volume of cheques entering clearings is substantial enough to innovate processing. Discussion is underway on the rationale of placing image and data capture at the first point of contact when a cheque payment is received.
In organisations where cheques represent an ongoing choice for making payments, there is growing interest in automation that will provide simplified financial accounting, improve record-keeping and provide subsequent access to the information. The aim is to substantially reduce costs and be prepared for developments in the banking industry related to account management.
There are national banking systems that are aleady fully committed to electronic capture and exchange of data for cheques rather than through large-scale transportation of paper. Legislation is in place in the United Kingdom to truncate cheque clearing, should this option be adopted.
Transaction Journaltm has been developed to be applied in a wide range of scenarios - from small-volume users to industry-scale bulk processing. Our technology reflects a commitment to reducing the carbon footprint of cheque processing. Our industry experience enables us to be prepared to deliver remote capture and truncation solutions.
© 2009 Solchar Limited, All Rights Reserved