Raqmiyat rolls out cheque clearing system for HSBC
ICCS system to cut cheque clearing time and improve efficiency across UAE banks
Raqmiyat has completed deployment of a new system for cheque clearing for HSBC Bank in the UAE. The system integrator's ICCS-Connect solution, which is also set for deployment with over 30 other banks in the UAE, aims to improve the speed and efficiency of the cheque clearing process.
The Image Cheque Clearing System (ICCS) has been mandated by the UAE Central Bank to improve payment handling processes in the country. Raqmiyat says it has signed contracts with around 80% of banks in the UAE to supply its ICCS-Connect to enable them to implement ICCS.
The solution has been developed by Raqmiyat based on hardware and software from Unisys and Aperta. The system captures an image of the cheque, along with electronic data, which is then used in all clearing and storage processes instead of the physical cheque itself.
The system also promises to cut costs related to physical clearing of cheques as well as improve reconciliation and fraud prevention.
"We are glad to announce the successful implementation of ICCS at the HSBC Bank, one of the most modern, dynamic and customer-focused banks in the UAE. Not only will our solution help the bank in improving throughputs, it will also help in shortening their clearing cycles in the long run, and in facilitating a centralized image archival system for efficiency in operations. The new system will streamline the cheque clearing process, giving customers faster access to their money. It will also improve system reliance by reducing reliance on transportation networks and will help fast track the delivery of customer services," said Tapas Roy, CEO, Raqmiyat.
"Regional spending has been growing and this presents an excellent opportunity for growth. As part of our program to take advantage of the burgeoning market, we have developed a new solution that offers a host of short-term and long-term benefits for banks and customers. Banks will particularly benefit with substantial cost savings as expenses incurred in archiving, storing and transporting documents can be drastically reduced," added Roy.