Electronic Check Issuance
ProgressSoft’s Electronic Check Issuance solution transforms the check lifecycle into a fully secure, fully managed and fully electronic cryptographic environment, handling the complete lifecycle management of an e-check from issuance to clearing in an environment that utilizes existing check issuance, processing and clearing processes while fully complying with international certificate authority and open banking standards.
At a glance
Prompt e-Check is based on the latest cryptographic security technologies presently adopted in blockchain and central bank digital currency innovations. The solution provides ultimate security in e-check instruments that entirely replaces physical checks and resolves forgery and fraud associated with the current process.
Advantages of Prompt e-Check
Prompt e-Check provides massive advantages to financial institutions utilizing the solution including:
- Eliminating hassles, costs and risks associated with the current paper-based process
- Enabling the faster processing of payments through offering clients with the ability to remotely conduct e-check activities
- Providing full control over the check issuing cycle
- Reducing potential forgery and fraud
- Eliminating the need for reconciliation
- Facilitating the e-check process for both institutions, and their end-consumers
- Completely replacing physical paper checks
- Reducing return rates
- Building trust among payers and beneficiaries
Why opt for Prompt e-Check?
Prompt e-Check encompasses advanced features that include:
- Replacement of hand stroke digitization with digital signatures
- Utilization of certificate-based identity management
- Maintenance of current checkbook issuing processes
- Covering corporate and retail customers (small, medium and large enterprises, single person companies, joint account holders and power of attorney account managers)
- Support of managers checks
The solution’s architecture is also based on a cloud native design pattern and hence can be easily deployed using any modern cloud platform, utilizing managed relational databases and integrating with managed certificate authorities that are fully compliant with international standards.
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.
For recurring checks, Prompt e-Check utilizes Artificial Intelligence (AI) and Machine Learning (ML) technologies to track the behavior and smartly detect such 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.
Interested in a full-fledged Prompt e-Check solution demonstration? Contact us at email@example.com
As an Electronic Record Management System (ERMS) with an intricate functionality to address a crucial banking process, Prompt e-Check 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 that offer a comprehensive ecosystem 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, Prompt e-Check offers the following set of portals and applications:
- Corporate Portal
- Corporate Signatory Application
- Retail Application
- Bank Channels