ProgressSoft Announces Successful PS-ECC Live Run in Libya
ProgressSoft is thrilled to announce the successful live run of its nationwide Electronic Image-Based Check Clearing Solution (PS-ECC) on October 20, 2016 in Libya, marking an outstanding affiliation with the Central Bank of Libya.
PS-ECC is designed to provide end-to-end nationwide clearing of checks within the same day. It provides the means to electronically transfer check images, and completely replaces the traditional physical routines of moving paper checks between banks and clearing houses. PS-ECC covers inter-branch, inter-bank and cross border check clearing cycles, and offers the benefits of consolidated banking relationships and financial data mining opportunities. It also allows for post-dated checks management, and provides a safe clearing environment with fraud reduction.
The Central Bank of Libya has selected ProgressSoft's PS-ECC to replace its existing ECC platform, providing the banks of Libya with a top-notch modern solution that operates on a Straight-Through Processing basis, with a t+0 value date.
The countrywide implementation now serves 22 banks, including the Central Bank of Libya, in more than 300 branches in Libya. Despite regional challenges, the implementation of PS-ECC in Libya was set in record time, and the first clearing session was settled smoothly and without any issues.
As a leading world provider of payment solutions, serving 370 banks, central banks and institutions across the globe, ProgressSoft was the first to introduce the Electronic Image-Based Check Clearing solution in the region. Today, PS-ECC has countrywide implementations in 9 countries.