Electronic Check Clearing
PS-ECC is an electronic image-based check clearing solution, designed to provide end-to-end nationwide clearing of checks within the same day. PS-ECC provides the means to electronically transfer check images and completely replaces the traditional physical routines of moving paper checks between the banks and clearing houses.
The online check compensation system deployed by PS-ECC enables the bank to reduce the tedious and time-consuming manual method by 65%, availing funds at the beneficiary's account within minutes of depositing the check, and presents an impeccable management tool for the checks and the whole clearing cycle.
- Covering inter-branch, inter-bank and cross border check clearing cycles.
- Consolidated banking relationships.
- Financial data mining opportunities.
- Post-Dated Checks management.
- Safe clearing environment with fraud reduction.
- Since its introduction, PS-ECC has been regarded as the world-first electronic image-based check clearing solution.
- Countrywide implementations in 9 countries.
- Serving 370 banks, Central Banks and financial institutions around the world.
PS-ECC primarily allows you to shorten the check clearing cycle from 3-5 days in the current manual system to same day clearing. This reduction increases the bank’s cash flow, which in turn increases profit margins, allows for better fund management and improves economic performance.
By ECC-ing your checks, you can remove all operation overhead costs and time needed to perform the daily lengthy and hectic tasks, all within a tightly secure online environment. PS-ECC promises further reduction in processing and storage demands, which gives a tremendous boost to the financial sector and provides ample benefits for your institution and clients.
PS-ECC implements a check truncation system that can eliminate paper-based checks from the branch level, requiring no physical paper movement and immensely reducing the risk of check losses and delays. This can also save manpower at your institution and enhance the security of exchanging checks.
PS-ECC supports check capture and deposit from corporate locations when integrating with Prompt RDC and from ATM/CDM with Prompt ATM/CDM. PS-ECC provides automatic verification of check signatures when integrated with PS-ASV, the Automatic Signature Verification Solution.
PS-ECC complies with Check Clearing for the 21st Century Act (Check 21 Act), the legislation introduced by the United States of America to foster innovation in the payments system and to enhance its efficiency by reducing some of the legal impediments to check truncation. Through capturing check images and permitting banks to truncate original checks, PS-ECC facilitates the use of substitute checks, which as per Check 21 Act can serve as the legal equivalent of the original item. It processes check information electronically, and delivers substitute checks to banks that want to continue receiving paper checks.
Upon signing with Qatar Central Bank in 2001, the country became the world's first to employ an electronic image-based check clearing solution running live on a nationwide level. Since then, manual check clearing sessions became obsolete and the new technology took over, serving 18 banks, including Qatari and International Banks, such as HSBC, Standard Chartered and BNP Paribas.
On behalf of the banking body and on December 2004, The Central Bank of Jordan signed the future of a new distinctive era of payment services and a superior upgrade to its check clearing processes. The 26 banks in Jordan and their 1,167 branches scattered over 36,000 square miles have been engaged in a smooth transition from a manual to fully electronic check clearing process.
In 2005, ProgressSoft implemented PS-ECC in The Republic of Sudan, covering the Central Bank of Sudan's Electronic Check Clearing Unit, 39 commercial banks and 638 branches. This huge project and ongoing relationship with the Central Bank of Sudan was further consolidated with the collaboration between ProgressSoft and the Central Bank in a "Client Appreciation Programme". Under this 7-year programme, the company will provide licenses of all its Electronic Check Clearing Suite Solutions (PS-ECC Suite), including updates of ProgressSoft's primary Check Clearing modules and the Suite's add-ons, which include Post-Dated Checks (PDC), Remote Deposit Capture (RDC), ATM and Check Archiving modules.
In Jan 2009, the Central Bank of Oman started running the electronic clearing of checks across all banks in the Sultanate. The Central Bank opted for ProgressSoft's solution, PS-ECC, to enact a sophisticated level of check clearing practices across the Omani banking body. This nationwide project entailed deploying an electronic network to connect the Central Bank with all the Sultanate's 27 banks and their branches.
Before the end of 2010, ProgressSoft managed to extend its accomplishments to the other end of the globe, reaching as far as South Asia with the award of the Electronic Check Clearing project in Nepal. The massive project is now running live and involves 125 banks and financial institutions scattered across the country's area of 147,181 sq km.
Aligning with the Central Bank of Bahrain's desire to implement an image-based check truncation system across the Kingdom, BENEFIT awarded the project to ProgressSoft, following a tendering process in which ProgressSoft scored the highest technical marks for its innovation and implementation expertise. Accordingly, PS-ECC has been successfully deployed at all 31 participant banks and their 214 branches in Bahrain.
In 2012, ProgressSoft started running live PS-ECC in the Republic of Seychelles on a countrywide scope, covering the Central Bank of Seychelles and all banks in the country that embraces 115 islands in the West Indian Ocean. Along with the successful deployment of the solution, the project involved integration with ProgressSoft's National Archive System - Prompt Archive.
In 2015, ProgressSoft started running PS-ECC in all the banks of Kuwait, declaring officially the complete stop of using the old manual check clearing process. The banks of Kuwait completed implementing PS-ECC setup with ProgressSoft in a record time of 9 months; while managing to roll the system out for the 24 banks within the State of Kuwait and their 524 head offices and branches. PS-ECC was seamlessly integrated with the banks back-end system along with Kuwait Real Time Gross Settlement System (KASSIP), achieving a complete end-to-end straight through clearing process between banks in Kuwait.