ProgressSoft embraces its breakthrough in clearing and settlement technology to present your Clearing House Unit/Central Bank with Prompt Clear; a sophisticated check clearing switch that controls the flow of check images and data in a clearing cycle.
Prompt Clear provides you with complete management of the clearing system while seamlessly integrating with your RTGS system. By replacing all manual clearing and settlement processes, Prompt Clear actualizes smooth processing of daily check volumes with zero administration. No need for daily clearing sessions, reducing considerable costs and time.
Record of Prompt Check implementations:
Prompt Clear implements a contemporary approach for conducting the regular roles of your Clearing House/Central Bank including adding, deleting and updating banks, conducting authorization of other banking parties and easily managing different currencies. The solution enables your Check Clearing Unit to observe, track and audit the clearing process in an automated manner. Check financial data, check image and check status are automatically queried during and after the clearing transaction is completed.
Prompt Clear furnishes a rich environment for data mining and statistical studies, allowing you to address questions such as what is the return check percentage, what are the most frequent return reasons or which bank has the highest return rate. This enables tracking of check return rate of individual accounts to prepare a customer black list.
Prompt Clear smoothly integrates with the bank's check clearing solution Prompt Check to achieve a fully electronic check clearing cycle between the Clearing Unit and member banks. Prompt Clear also provides automatic verification of check signatures when integrated with PS-ASV, the Automatic Signature Verification Solution.
Efficient Clearing Practices
As check images and electronic data flexibly move across the system throughout the day rather than during a fixed daily session, expansion of cut-off times and clearing window can take place. Furthermore, repetitive manual tasks of checks sorting and counting done at commercial banks can be eliminated.
Contribution to Economy Growth
Prompt Clear's broad range of benefits extends to affect the country's Gross Domestic Productivity (GDP). Accelerating the clearing process from days to minutes reduces the cost of processing check clearing items, resulting in an increase in the total volume of check processing and check credibility. This eventually leads to a definite growth of money supply which directly contributes in the growth of the total GDP of the country.
Prompt Clear provides liquidity management and monitoring at the Clearing Unit level. The solution renders online, direct statistics of liquidity pertaining to the check clearing process taking place within participating member banks in the country.
Prompt Clear enables central banks and monetary agencies and authorities to manage and monitor the liquidity floating in the country due to clearing items processing.
No Paper Check Loss
Prompt Clear provides full check image and electronic data transfer which eliminates transportation of physical paper. This brings you lower risk of check losses, or at least, abolishes costly recovery processes if paper items are lost in transit.
National Check Archive
Prompt Clear offers a national check archive system that enables your clearing house unit to log completed clearing items and allows member banks to query items in the archive. This archive consists of a special server and a long term storage that accommodates offline storage of 10 to 20 years.
Check Fraud Control
Image-based check verification and authentication facilitated by the system guarantee an enhanced level of security. Prompt Clear offers you extensive control over the check clearing cycle that significantly contributes in reducing fraud losses with earlier notification and faster authentication of potential check fraud.
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