Technology company NCR Corp said it processed about 1 million instruments on Wednesday using its image-based cheque clearing solution implemented for the Reserve Bank of India, which NCR claims is a record.
"This is the first step towards introducing electronic cheque clearing in our country which will enable cheques to be cleared 50% faster than before, ensuring more timely credits," said Navroze Dastur, general manager for payments, NCR.
In a release, NCR said this is the largest volume of cheque clearing and settlement in the world outside the USA. This work is being done as part of the bank's cheque truncation system (CTS) project—a key banking initiative of national importance in the National Capital Region of Delhi.
NCR's electronic check presentment with image exchange (ECPIX) solution which went live in February 2008 achieved a volume of 550,000 instruments per day by June last year.
With all banks in the National Capital Region of Delhi now going live, NCR has set a new benchmark for 1 million instruments per day in the country through image-based cheque clearing. The inter-city cheque clearance will be done in a single working day which earlier would take two working days for clearance, it said.