By choosing INCHEQS – Image-based Clearing System, Khushhali Microfinance Bank Limited, a major financial institution in Pakistan, has pioneered yet another technical innovation (ICS). The system offers a digital clearance process, as well as the management and administration of inbound and outbound checks, as well as Robotic Process Automation (RPA). It supports and integrates the signature-verification system, which checks cheques against each customer’s original specimen signature.
Through innovative digital-banking technologies, the system enables hassle-free transaction execution, where the sender bank may scan the front and back of their checks, and the system will process the amount and information given by the recipient bank. This eliminates the requirement for the cleaning devices to be physically moved.
The President & CEO of Khushhali Microfinance Bank – Ghalib Nishtar stated that, “Khushhali Bank is moving towards digital transformation – This technological evolution is in line with the vision of State Bank of Pakistan, to enable online access to banking, to reduce frauds and provide convenience to the consumers, by implementing effective global best-practices”.
State Bank of Pakistan has also announced the deployment of “Image-Based Cheque-Clearing System” (IBCS), effective from 3rd January, 2022, as the way forward with ICS – Phase I followed up with OCS as Phase II, as the country’s roadmap for bringing Pakistan at par with the developed world. Moreover, this technological advancement is the need of the day, while the consumers must minimize physical interactions to prevent the COVID-19 spread.