ProgressSoft’s Electronic Check Issuance solution transforms the check lifecycle into a fully secure, managed, and electronic cryptographic environment, handling the complete lifecycle of an e-check from issuance to clearing in an environment that utilizes existing check issuance, processing and clearing methods, and complies with international certification authority and open banking standards.
The solution is based on the latest cryptographic security technologies presently adopted in blockchain and central bank digital currency innovations. It provides ultimate security in e-check instruments that entirely replaces physical checks and resolves forgery and fraud associated with the current process.
Prompt e-Check provides a comprehensive ecosystem that integrates with all parties involved in the check process and offers open banking Application Programming Interfaces (APIs) to integrate with Customer Relationship Management (CRM) systems, Know Your Customer (KYC), risk management, check issuance, check clearing, core banking systems, banking channels and more end-user offered services.
Simplified Writing Process
Prompt e-Check simplifies the process of writing an e-check through auto-fill features via national identifications, corporate registration codes, or mobile numbers. The check dates are also set to a default value that intelligently monitor and adapt to the user’s check writing habits. The solution also utilizes Artificial Intelligence (AI) and Machine Learning (ML) technologies to track the behavior and smartly detect recurring checks.
PKI-Based Digital Signatures
Prompt e-Check revolutionizes the check signing process by replacing handwritten signatures with a Public Key Infrastructure (PKI) based digital signature certified by an accredited and authorized certificate authority. Verification of centrally maintained electronic digital signatures eliminates the need for current signature verification systems, hence reducing clearing efforts conducted by bank users by at least 50%.
Electronic Checkbook Issuance
Prompt e-Check truncates check printing from the current check issuance process, optimizing the process and reducing checkbook issuance timeframes from days to hours. Providing a Straight-Through-Processing (STP) integration with check management systems, the solution optimizes the electronic checkbook issuance process by reducing overhead costs associated with the current paper-based process.
Compliance with International Standards
Prompt e-Check is an Electronic Record Management System (ERMS) with an intricate functionality to address a crucial banking process. Accordingly, it is compliant with a wide set of international standards that cover different areas of open banking, identity management and electronic record management.
Prompt e-Check supports multiple channels where any eligible and authorized party can develop and implement the wide set of open banking APIs offered and exposed by the solution. In addition, it offers a corporate portal, corporate signatory application, retail application and bank channels.
Authority Matrix Management
Prompt e-Check supports both corporate and retail clients with built-in support for corporate authority matrix management and verification. It also truncates the process of authority matrix validation at the issuing bank level.
Prompt e-Check provides a wide variety of business and technical dashboards that facilitate enhanced monitoring of business cycles, technical perspectives and customer support.
Eliminates hassles, costs and risks associated with the current paper-based process
Offers clients with faster, convenient and remote electronic check services
Provides full control over the check issuance cycle and eliminates the need for reconciliation
Eases the electronic check process and builds trusts among payers and beneficiaries
Reduces potential forgery and fraud and completely replaces physical paper checks