Local banks can soon clear cheques virtually
New image-based solution from Raqmiyat will help banks reduce costs
Banks in the United Arab Emirates will soon be able to get their hands on a new solution that allows customer cheques to be cleared online.
By using the ICCS Connect solution from Raqmiyat, banks don't need a physical cheque but can instead use an image of the cheque and related data for the clearing process. It is expected to create significant IT support cost savings for local banks and improve overall operational efficiency.
ICCS Connect is the web version of Raqmiyat's Image-based Cheque Clearing Solution (ICCS) that's already been deployed by forty banks in the country so far.
"Amidst the growing significance of payment systems in banking operations, we are focused on addressing their need for a robust solution, which can keep up with the developments of modern technology at all times," explained Tapas Roy, chief operating officer at UAE-based Raqmiyat.
Shipments of the new solution are scheduled for January next year.