While cheques are a still a necessity in many countries worldwide and will be there for many years to come, the handling of paper not only is a time consuming process that may impact the payment times as well as it makes the cheque vulnerable to damage and unnecessary risk while it is moved from one place to the other.
Brithol Michcoma’s CompensationPro Web allows a radical increase in efficiency in cheque compensation, by eliminating the need to exchange cheques between banks, through a process of image trunking, reducing clearing house work and allowing banks to quickly visualize cheque images hence reducing payment times in up to hours.
SOLUTION
The functionality of CompenstionPro Web from Brithol Michcoma is based in a two-fold solution.
The central bank part of the system is the CompensationPro Back Office Web. The Back Office is responsible for storing and indexing every image sent by each bank, as well as making the match between images and compensation files sent by the banks. On the other hand the CompensationPro Front Office suite is responsible for capturing the front and back images of the cheques and to send it to the Back Office suite at the central bank.
Compensation files are normally processed by the central bank and the CELREC file is then automatically sent to each bank with the details of its cheques. Banks are able to quickly verify its paid cheques in other banks, without the need to wait for the physical cheque to arrive, turning the compensation process almost online.
FRONT OFFICE
Hardware:
Cheque scanner with duplex scanning and 300DPI resolution
Auto detection and reading of MICR line for cheque identification
Auto endorsement through the use of na InkJet printer inside the cheque scanner
Workstation with Windows XP or 2000
Software Features:
ADEC Cheque Verifier to capture fron and back image of the cheque
Verify cheque checksum digits and add cheque value and beneficiary (optional)
Store images and data locally and send copy to Compensation Back Office Web
Transfer data to banking core system, eliminating duplicate work
Brithol Michcoma’s Smart File Transfer allows for quick and secure encrypted file transfer
All records have a unique ID as identified by the MICR line (bank, branch, account number, cheque number, check sum digits), as well as information the bank of origin and bank where deposited/withdrawn
BACK OFFICE
Hardware:
Server sizing depending on the number of foreseen transactions
Windows 2003 Server operating system
Firewall
VPN concentrator for banks access
Internet access
Software Features:
Web based application CompensationPro Back Office Web
Anti-Virus and Anti-Spam software
Access to Website is controlled via IP and firewall rules, as well as via a user password access
Each bank is allowed to view only its own cheques to verify and authorize payments, as well as to the archive of other bank cheques that he processed in any of its branches