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Cheque Truncation
Cheque truncation (check truncation in American English) is a cheque clearance system that involves the digitization of a physical paper cheque into a substitute electronic form for transmission to the paying bank. The process of cheque clearance, involving data matching and verification, is done using digital images instead of paper copies. Cheque truncation reduces or eliminates the physical movement of paper cheques and reduces the time and cost of cheque clearance. Cheque truncation also offers the potential reduction in settlement periods with the electronic processing of the cheque payment system. History For cheque clearance, a cheque has to be presented to the drawee bank for payment. Originally this was done by taking the cheque to the drawee bank, but as cheque usage increased this became cumbersome and banks arranged to meet each day at a central location to exchange cheques and receive payment in money. This became known as central clearing. Bank customers who rece ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Substitute Check
A substitute check or cheque, also called an image cash letter (ICL), clearing replacement document (CRD), or image replacement document (IRD), is a negotiable instrument used in electronic banking systems to represent a physical paper cheque (check). It may be wholly digital from payment initiation to clearing and settlement or it may be a digital reproduction (truncation) of an original paper check. Standards and formats Software providers have developed "Virtual Check 21" standards within electronic banking systems which allows creation and submission of demand draft documents to the bank of deposit. Standards may include: * Remotely created checks (RCC) * X9.37 files Geographical significance United States The beginnings of substitute checks in the United States were formalized by the Check 21 Act which came into effect in 2004. See also * Remote deposit * Cheque truncation Cheque truncation (check truncation in American English) is a cheque clearance system tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Authority Of Singapore
The Monetary Authority of Singapore (MAS) is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance. It was established in 1971 to act as the banker to and as a financial agent of the Government of Singapore. History The MAS was founded in 1971 to oversee various monetary functions associated with banking and finance. Before its establishment, monetary functions were performed by government departments and agencies. The acronym for its name resembles ''mas'', the word for 'gold' in Malay, Singapore's national language – although the acronym is pronounced with each of its initial alphabets. As Singapore progressed, an increasingly complex banking and monetary environment required more dynamic and coherent monetary administration. Therefore, in 1970, the Parliament of Singapore passed the Monetary Authority of Si ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
DMS Software Engineering
DMS may refer to: Science and technology Computing * Document management system * Digital Media Server, a category within the Digital Living Network Alliance standard * Disk Masher System, compression software for the Amiga computer * Unisys DMS, a Unisys OS 2200 database ** Unisys DMSII * Digital Microsystems, Inc., an early microcomputer company * Digital Multiplex System, a telephone exchange system * Dealership management system, for car dealerships * DMS Software Reengineering Toolkit, program transformation tools * DMS-59, a video connector supporting two displays Chemistry and materials science * Differential mobility spectrometry in ion-mobility spectrometry–mass spectrometry * Dilute magnetic semiconductor, semiconductors with magnetic properties * Dimethyl sulfate, a methylating agent * Dimethyl sulfide, an organosulfur compound * ''N'',''N''-Dimethylsphingosine * Dimethylstilbestrol, a nonsteroidal estrogen Other uses in science and technology * Dead man's swi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tata Consultancy Services
Tata Consultancy Services (TCS) is an Indian multinational information technology (IT) services and consulting company with its headquarters in Mumbai. It is a part of the Tata Group and operates in 150 locations across 46 countries. In July 2022, it was reported that TCS had over 600,000 employees worldwide. TCS is the second largest Indian company by market capitalisation and is among the most valuable IT service brands worldwide. In 2015, TCS was ranked 64th overall in the ''Forbes'' "World's Most Innovative Companies" ranking, making it one of the highest-ranked IT services companies and a top Indian company. As of 2018, it is ranked eleventh on the Fortune India 500 list. In September 2021, TCS recorded a market capitalisation of US$200 billion, making it the first Indian IT tech company to do so. In December 2022, the market cap was Rs. 11,71,481.89 crore. In 20162017, parent company Tata Sons owned 72.05% of TCS and more than 70% of Tata Sons' dividends were generat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sybrin
Sybrin is a software company headquartered in Johannesburg, South Africa that sells enterprise software and services to the financial services, insurance, and telecommunications industries. Sybrin implemented the first cheque truncation system in Africa, the third in the world, in Malawi.Sybrin Banking Gestetner Malawi. Retrieved 19 May 2016. The company offers a low-code platform along with other prebuilt solutions in their digital banking and payments as well as their intelligent automation product range. These include Payments Hub, KYC and AML, Intelligent Document Processing, Liveness Detection, Digital Onboarding, and more. Sybrin’s clients include corporates, insurance companies, telecommunication service providers, banking institutions, as wel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jack Henry & Associates
Jack Henry & Associates, Inc. is an American technology company and payment processing service for the financial services industry. It serves more than 9,000 customers nationwide, and operates through three primary brands. Headquartered in Monett, Missouri, JHA made $1.55 billion in annual revenue during fiscal 2019. History Jack Henry & Associates (commonly referred to as JHA) was formed in 1976 by Jack Henry and Jerry Hall in Monett, Missouri. In 1977, Jack Henry & Associates was incorporated and generated $115,222 in revenue. On November 20, 1985, an initial public offering made JHA a public company trading 3,125,000 common shares on the NASDAQ The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ... exchange under the symbol JKHY. In 1992, the company began to aggressively acqui ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Infosys
Infosys Limited is an Indian Multinational corporation, multinational information technology company that provides business consulting, information technology and outsourcing services. The company was founded in Pune and is headquartered in Bangalore. Infosys is the second-largest Indian IT company, after Tata Consultancy Services, by 2020 revenue figures, and the 602nd largest public company in the world, according to the Forbes Global 2000 ranking. On 24 August 2021, Infosys became the fourth Indian company to reach $100 billion in market capitalization. History Infosys was founded by seven engineers in Pune, Maharashtra, India. Its initial capital was $250. It was registered as Infosys Consultants Private Limited on 2 July 1981. In 1983, it relocated to Bangalore, Karnataka. The company changed its name to Infosys Technologies Private Limited in April 1992 and to Infosys Technologies Limited when it became a public limited company in June 1992. It was renamed Infosys Limit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiserv
Fiserv, Inc. () is an American multinational company headquartered in Brookfield, Wisconsin that provides financial technology services to clients across the financial services sector, including: banks, thrifts, credit unions, securities broker dealers, mortgage, insurance, leasing and finance companies, and retailers. In October 2015, ''American Banker'' and BAI ranked the company third by revenue among technology providers to U.S. banks. Fiserv reported total revenue of $10.187 billion in 2019. Fiserv is also the owner of First Data, which connects 2 million ATMs through the STAR network. Fiserv currently has the naming rights for the Fiserv Forum stadium in Milwaukee, Wisconsin. History Fiserv was founded in 1984. The company quickly grew and was listed on the NASDAQ less than two years after its founding, mainly through a large number of acquisitions, the largest in the early years of the company being Citicorp Information Resources. Fiserv's website was launched in 1995 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Computer Sciences Corporation
Computer Sciences Corporation (CSC) was an American multinational corporation that provided information technology (IT) services and professional services. On April 3, 2017, it merged with the Enterprise Services line of business of HP Enterprise (formerly Electronic Data Systems) to create DXC Technology. History CSC was founded in April 1959 in Los Angeles, California, by Roy Nutt and Fletcher Jones. CSC initially provided programming tools such as assembler and compiler software. In the 1960s, CSC provided software programming services to major computer manufacturers like IBM and Honeywell and secured their first contracts for the U.S. public sector with NASA (among others). By 1963, CSC became the largest software company in the United States and the first software company to be listed on the American Stock Exchange. By the end of 1968, CSC was listed on the New York Stock Exchange and had operations in Canada, India, the United Kingdom, Germany, Spain, Italy, Brazi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
BankServ
BankServ, was a legacy financial services company headquartered in Enterprise, Nevada, develops electronic banking software and operates outsourced data processing centers used by banks and other businesses to move money electronically. Founded in 1996, it does business with over 400 banks in more than 50 countries, primarily supplying banks with the behind-the-scenes programs used for remote deposit, Internet bill payment, mobile payments, wire transfer payments and sending messages over the international SWIFT network. The company operates offices in Las Vegas, San Francisco, Salt Lake City, Houston and London. History BankServ was founded by a group of investors led by current CEO Dick David Kvederis, a former senior vice president of Wells Fargo Bank. Kvederis is widely known in the financial industry for helping introduce Direct Deposit during his tenure as chairman of the National Automated Clearing House Association (now NACHA-The Electronic Payments Association) during the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
