Arab Bank Upgrades its Electronic Check Clearing Solution
Arab Bank and its subsidiary, the International Islamic Arab Bank (IIAB) upgraded their version of ProgressSoft Electronic Check Clearing Solution (PS-ECC) to the latest and most advanced upgrade of the solution.
For Arab Bank, the upgrade included the Prompt OnUs Module, which processes in-house checks where the payer and the beneficiary accounts reside within the same bank. The module manages, clears, monitors and controls the clearing process across all bank branches. The second module included in the upgrade for Arab Bank was Prompt PDC, which represents a warehousing solution that provides a manageable, secure storage of Post-Dated Checks (PDCs) by which PDC truncation is facilitated. By interacting with PS-ECC, Prompt PDC allows clearing of PDCs on due date.
For IIAB, the upgrade was for the PS-ECC module to the latest version 19 of the solution. The implementation was carried out at all branches of both banks in Jordan, and both banks went live at the same time successfully on May 24, 2015.
Arab Bank has recently embarked on this project to replace its old PDC system, with ProgressSoft's Prompt PDC module, in order to achieve better and more efficient processing and smoother workflows of the checks. Upgrading the existing Prompt OnUs module was a step forward to offer single-seat handling of all checks, in addition to higher operational efficiency and cost saving.
ProgressSoft has started running live its PS-ECC solution in Jordan including all the banks in the country in 2007 and has now eight successful nationwide implementations globally including countries like Oman, Qatar, Bahrain, Seychelles, Nepal, Kuwait, and Sudan.