iCCS™ PDC - CubeIQ Limited

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CubeIQ Solutions and Systems: Developed Applications
Intelligent Cheque  Clearing System - iCCS™
Post  Dated Cheque Processing - PDC-iCCS
Post Dated Cheque Processing - PDC-iCCS™  is  a separated but integrated applications to the main iCCS™ that provides facility for processing Post Dated  Cheques.

PDC-iCCS™  is  suitable for:
Factoring  companies.
Bank's  factoring departments.
Bank's  loan and financing department.
The Case of Post Dated Cheques
In certain region is permitted to issue  cheques with an issuance date later than "today".
These cheques are defines as "Post Dated Cheques", are used primary in B2B transactions and can be paid only  after the issuance date.
Merchants and enterprises having in  their hands post dated cheques are using them either as collateral to loans or  they present  them to their bank and get paid with a discount that is directly  proportional to time distance between  the date of presentment and the the  actual "issuance date".   
However the banks that receiving post  date cheques either as collateral of to pay them in advance have to keep them in custody until the actual "issuance date" - maturity date. After the "issuance  date" the bank can present the cheques to the issuing institutions for the  actual payment.
Processing Post  Dated Cheques
Post dated cheques needs to be  pre-process and validated before the actual main processing.

Cheque  Processing:
In PDC-iCCS™ cheques are processed per case. A case  can be a loan collateral of an advance payment. Each case takes a Unique  Processing Number - UPN. For each case the cheques are  scanned,  the code-line is read and missing data are typed together with the  amount and the issuing date. Each batch - case is stored separately. Certain  data are extracted for updating the core banking system.

Maturity Date List:
PDC-iCCS™ creates and maintains two lists that  are linked. The first list is the list of cases and the cheques attached to each  case. The second list is the list of maturity dates and the cheques that mature  in each date. PDC-iCCS™ each date reports the cheques that  have mature. If the operator decides to move these cheques from the PDC-iCCS application  to the clearing module - OiCCM™ for payment,  PDC-iCCS™  updates each case and each case  values in which one or more cheques have been moved.

Cheque Follow-up:
Each cheque is  followed-up and its status is updated accordingly, throughout its whole life  cycle (stored, immature, mature, extracted, processed and  cleared).   

Database Validation:
PDC-iCCS™ gives the ability to the operator to  validate the system database and to compare the stored cheque's physical bodies  with the electronic ones stored in the system database. At any time the operator  using the system's validation function can reprocess - rescan all stored  physical bodies. PDC-iCCS™ will read again the code line,  identify the cheque then and try locate the cheque in the database. The system  will report all cheques reprocessed but not found in the database and all  cheques in the database that were not reprocessed.
EOD Clearing Calculations:
At the end of the daily processing, CH-iCCS™ calculates:
  • The total credit advices for each member and the total credit advices for all members.
  • The total debit advices for each member and the total debit advices for all members.
  • The credit-to-debit balance of the daily processing
Related  products and information:
For any question or comment please contact our support team at support@cubeiq.gr

For product or services inquiries please email to: sales@cubeiq.gr or fill our information request form.
HQ: 78 Vyzantiou & Vithinia's St., 14234, Nea Ionia, Athens, Greece.
Tel:  (+30)-210-9530-242
Fax: (+30)-210-6255-672
General Inquiries: info[at]cubeiq[dot]gr
Sales: sales[at]cubeiq[dot]gr
Technical Support: support[at]cubeiq[dot]gr
Human resources: hr[at]cubeiq[dot]gr



© Copyright 2003 - 2021 CubeIQ Limited. All rights reserved.
CubeIQ Limited
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CubeIQ Limited is an IT company specialized in Business Process Re-engineering, focused in the Banking and Electronic Transaction Processing Market. Our leading-edge software solutions can transform  business processes in a more efficient, more productive and cost saving way.   
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