Newgen Software Technologies Limited, a market leader in Business Process Management (BPM) and Enterprise Content Management (ECM) has launched its next generation Cheque Truncation System (CTS) in tune with RBI “CTS – 2010 standard”. It aims at fully automating data extraction, verification and fraud detection in the CTS environment.
The new specification standardizes the layout format of the cheques to a much greater degree than earlier and also includes various cheque security features. The set of minimum security features not only ensure uniformity across all cheque forms issued by banks in the country, but also help in scrutinizing cheques of drawee banks in an image-based processing scenario.
Commenting on the merits of ‘CTS-2010 standard’, Mr. Virender Jeet, Senior Vice President, Technologies said, “CTS-2010 standard is the right step towards achieving the true benefits of Cheque Truncation. Newgen’s research and development team has been working on the different aspects of cheque security and automatic data extraction for quite some time and now we can derive immense returns from these innovations”.
Another ground-breaking feature of the standard is the introduction of the security features -- pantograph and ultra-violet logos. All cheques will have their bank logos printed with UV ink. These logos will be visible only under ultra-violet light. Furthermore, any corrections on the cheques will be prohibited.
More than 50 banks across Asia Pacific, India, Middle East, Africa and Europe including ING Vysya, Kotak Mahindra Bank, Bank of Baroda, Andhra Bank, Indian Bank, United Bank of India, Karnataka Bank, Abu Dhabi Commercial Bank, RAK Bank, Mashreq Bank have already been deriving business benefits from Newgen's CTS solution.
Newgen’s solution completely automates Cheque Truncation and automated data extraction of all cheque fields. This innovative solution will not only be extremely beneficial for the efficient functioning of banks but also a huge advantage to the industry as a whole.
Newgen Software Technologies Limited (newgensoft.com) is the market leader in Business Process Management (BPM) and Enterprise Content management (ECM), with a global footprint of about 800 installations in over 40 countries. More than 100 of these implementations are large, mission-critical solutions deployed at the world's leading BFSI, BPO and Fortune Global 500 companies.
Newgen is recognized by distinguished analyst firms like Frost and Sullivan as A 'Hot Company to Watch for' in their global ECM Market report, 2009 and by IDC in its exclusive report “Newgen Software: Global Leader in Business Process Management and Document Management Solutions”. Newgen is a winner of prestigious award, such as CNBC-TV18, “Emerging India Award 2008”.
With HSBC and SAP investment, Newgen is one of the rare product companies to have backing of both leading financial and technology companies of the world. Newgen’s Quality Systems are certified against ISO 9001:2008 and Information Security Standard, ISO 27001:2005. Newgen has been assessed at CMMI Level3.
For further information:
20:20 Media - Trisha Bahl: T: 0120 – 4642020; trisha[.]2020india.com.
Newgen Software Technologies Limited
Rohit Thakur: T: +91-11-4653 3200, M: +91-9899294868