Welcome
to
CubeIQ solutions and
systems web
pages.
CubeIQ Solutions and Systems
Group: Integrated Solutions
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.
