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Implementation of Image-based Cheque Clearance

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Newgen Software Technologies Limited
Newgen Software Technologies Limited

Newgen's solution has enabled the bank to become compliant as per the KBA mandate for the cheque clearance process. It has also offered faster TAT by processing large numbers) of inward and outward cheques. It has allowed the bank to achieve lower operational costs. The Newgen solution not only provides a holistic view of the business but also supports the audit and compliance features.

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Case Study BANKING SOLUTIONS FOR BUSINESS PROCESS & CONTENT MANAGEMENT Implementation of Image-based Cheque Clearance For a Leading Commercial Bank in Kenya Overview The bank commenced the operations in March 1993 and completely became a commercial bank in January 1996. In a recent survey by Market Intelligence, the bank is ranked amongst the top 10 banks in Kenya. It is not only committed to good Corporate Governance but also maintains Statutory Capital Requirements. The bank has won the FIRE (Financial Reporting Award) five times. Moreover, the bank's results show the effectiveness of staff training and development along with the staff appraisal against the defined annual objectives. The bank is one of the most The Challenge reputed commercial banks in The bank observed that the existing clearing system was unable to handle the processes efficiently. It required a solution to easily Kenya. It is well committed in accommodate the clearing process. The bank also experienced that the providing good Corporate existing clearing system did not provide the flexibility for any changes Governance and maintains in the system and was unable to meet the bank's requirements. Statutory Capital requirements. The bank was looking for a solution that could enable flexibility in designing the processes as per the specific requirements. Furthermore, the bank required an end-to-end solution (inclusive of Document Management System) that would include a system for Archival for all documents. Apart from the above requirements, the bank needed support for foreign clearing instruments. The bank intended to go live by Oct 2010 and wanted to procure a new solution in advance to be ready with the new cheque clearing process before it became a mandate. The bank also planned to manage and centralize the clearing operations. The Newgen Solution To meet its requirements, the bank analyzed the available solutions and finally chose Newgen's Cheque Truncation System (CTS, ChequeFlow). TM TM The ChequeFlow comprises of OmniFlow for process automation, TM OmniDocs as underlying document management system and OmniCaptureTM for scanning and indexing. The Newgen solution was implemented for both the Inward Clearing as well as Outward Clearing. The solution takes care of 2000 inward cheques and 2500 outward cheques on a daily basis. The solution is also being used for Electronic Funds Transfers and Direct Debit processing. The cheques presented to the bank are captured as electronic images serving as replacements for the physical cheques. The images are www.newgensoft.com
Case Study BANKING SOLUTIONS FOR BUSINESS PROCESS & CONTENT MANAGEMENT generated as per the specifications of Kenya Bankers Association (KBA). The Newgen solution captures the extracted data from the electronic images and ensures cheque validation, technical and signature verifications with minimal manual intervention. Thereafter, the bank performs the data entry and authorizes the instruments for sending to the Central Bank. The Newgen solution also extends support to Image Based processing for Inward clearing process. In this process, the bank receives the Inward instruments from the Central Bank, which are scanned through the application and a Technical & Signature Verification is undertaken. Next, the Newgen application provides a return file to be sent to the Clearing House. Once the mandate is raised by the KBA, the bank is able to upload the Inward File directly as received from the Clearing House rather than scanning the Inward instruments. Moreover, as the processes are built on the Business Process Management (BPM) “Newgen’s solution has enabled platform, Electronic Fund Transfer (EFT) and Direct Debit processes are the bank to become compliant as also designed around the Cheque Truncation Process. Through the EFT per the KBA mandate for the processes, the bank users are able to input the Account Numbers and cheque clearance process. It has details based on the standing instructions. Similarly, in case of EFT also offered faster TAT by Credits, the bank users are able to upload the file as received from the processing large numbers) of Clearing House by using the Newgen Application. inward and outward cheques. It has allowed the bank to achieve The proposed solution is well integrated with the bank's Core Banking lower operational costs. The System - Flex Cube, used for the clearing processes. Newgen solution not only provides a holistic view of the The Benefits business but also supports the The Newgen solution provided the following benefits to the bank: audit and compliance features.” ! With the deployment of the Newgen solution, the bank operations became centralized ! Scanning and processing of outstation cheques helped achieve lower operational costs by reducing the courier charges and processing time ! The Newgen solution requires minimal manual intervention for image- based cheque clearance and hence effectively reduces the cheque clearing time ! The bank gains competitive advantages by achieving higher customer satisfaction due to the reduced Turn Around Time (TAT). By using the Newgen Solution, the bank is able to process 2000 inward cheques and 2500 outward cheques on daily basis ! The Newgen solution also automates the warrant processing and cash management of the cheques, which are tightly coupled with the cheque clearance process ! With extensive reporting facility for real-time tracking and visibility of cheques, the Newgen solution provides a holistic view of the business ! All the cheques are archived in the underlying Newgen Document TM Management System - OmniDocs , which ensures faster searching and retrieval of documents ! The Newgen solution has an audit trail facility, which provides support for the audit and compliance www.newgensoft.com
Case Study BANKING SOLUTIONS FOR BUSINESS PROCESS & CONTENT MANAGEMENT About Newgen Newgen Software Technologies Limited is the market leader in Business Process Management (BPM) and Enterprise Content management (ECM), with a global footprint of 800 installations in over 40 countries with large, mission-critical solutions deployed at the world's leading Banks, Insurance firms, BPO’s, Healthcare Organizations, Government, Telecom Companies & Shared Service Centers. Newgen Software has been positioned in the Magic Quadrant for Business Process Management (BPM) and Enterprise Content Management (ECM). The company has been 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 awards, such as the CNBC-TV18, “Emerging India Award 2008”. With HSBC and SAP investment, Newgen is one of the rare product company 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. Newgen prestigious clients include HSBC Bank, Deutsche Bank, Hua Nan Bank, ABN Amro Bank, ICICI Bank, IDBI Bank, State Bank of India, ING Vysya Bank, CitiFinancial, RAK Bank, Bank of Tanzania, Max New York Life, Bajaj Allianz, Royal Sundaram Alliance, Unilever, Philips, GE Countrywide, EXL, Satyam Nipuna, iGATE, Core 3, Ranbaxy, GSL, Kenyan Airways and SEC Philippines. Corporate Office US UAE Newgen Software Technologies Ltd. Newgen Software Inc.. Newgen Software Technologies Ltd. A-6, Satsang Vihar Marg, 1364 Beverly Road, Suite 300 YI 46, PO Box 120586 Qutab Institutional Area, McLean, VA 22101 Sharjah Airport International Free Zone New Delhi - 110 067 INDIA Tel: +1-703-439-0703 Sharjah, United Arab Emirates (UAE) Tel: +91-11-4077 0100, 2696 3571 Email: usa@newgensoft.com Email: emea@newgensoft.com Fax: +91-11-2685 6936 Email: corpmktg@newgensoft.com UK Newgen Software Technologies Ltd. www.newgensoft.com 68 Lombard Street, London EC3V, 9LJ BK-CS-IB-CTS Tel: +44-207-868 1736 Mobile: +44-78154 96669 Email: intmkt@newgensoft.com

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Implementation of Image-based Cheque Clearance

  • 1. Case Study BANKING SOLUTIONS FOR BUSINESS PROCESS & CONTENT MANAGEMENT Implementation of Image-based Cheque Clearance For a Leading Commercial Bank in Kenya Overview The bank commenced the operations in March 1993 and completely became a commercial bank in January 1996. In a recent survey by Market Intelligence, the bank is ranked amongst the top 10 banks in Kenya. It is not only committed to good Corporate Governance but also maintains Statutory Capital Requirements. The bank has won the FIRE (Financial Reporting Award) five times. Moreover, the bank's results show the effectiveness of staff training and development along with the staff appraisal against the defined annual objectives. The bank is one of the most The Challenge reputed commercial banks in The bank observed that the existing clearing system was unable to handle the processes efficiently. It required a solution to easily Kenya. It is well committed in accommodate the clearing process. The bank also experienced that the providing good Corporate existing clearing system did not provide the flexibility for any changes Governance and maintains in the system and was unable to meet the bank's requirements. Statutory Capital requirements. The bank was looking for a solution that could enable flexibility in designing the processes as per the specific requirements. Furthermore, the bank required an end-to-end solution (inclusive of Document Management System) that would include a system for Archival for all documents. Apart from the above requirements, the bank needed support for foreign clearing instruments. The bank intended to go live by Oct 2010 and wanted to procure a new solution in advance to be ready with the new cheque clearing process before it became a mandate. The bank also planned to manage and centralize the clearing operations. The Newgen Solution To meet its requirements, the bank analyzed the available solutions and finally chose Newgen's Cheque Truncation System (CTS, ChequeFlow). TM TM The ChequeFlow comprises of OmniFlow for process automation, TM OmniDocs as underlying document management system and OmniCaptureTM for scanning and indexing. The Newgen solution was implemented for both the Inward Clearing as well as Outward Clearing. The solution takes care of 2000 inward cheques and 2500 outward cheques on a daily basis. The solution is also being used for Electronic Funds Transfers and Direct Debit processing. The cheques presented to the bank are captured as electronic images serving as replacements for the physical cheques. The images are www.newgensoft.com
  • 2. Case Study BANKING SOLUTIONS FOR BUSINESS PROCESS & CONTENT MANAGEMENT generated as per the specifications of Kenya Bankers Association (KBA). The Newgen solution captures the extracted data from the electronic images and ensures cheque validation, technical and signature verifications with minimal manual intervention. Thereafter, the bank performs the data entry and authorizes the instruments for sending to the Central Bank. The Newgen solution also extends support to Image Based processing for Inward clearing process. In this process, the bank receives the Inward instruments from the Central Bank, which are scanned through the application and a Technical & Signature Verification is undertaken. Next, the Newgen application provides a return file to be sent to the Clearing House. Once the mandate is raised by the KBA, the bank is able to upload the Inward File directly as received from the Clearing House rather than scanning the Inward instruments. Moreover, as the processes are built on the Business Process Management (BPM) “Newgen’s solution has enabled platform, Electronic Fund Transfer (EFT) and Direct Debit processes are the bank to become compliant as also designed around the Cheque Truncation Process. Through the EFT per the KBA mandate for the processes, the bank users are able to input the Account Numbers and cheque clearance process. It has details based on the standing instructions. Similarly, in case of EFT also offered faster TAT by Credits, the bank users are able to upload the file as received from the processing large numbers) of Clearing House by using the Newgen Application. inward and outward cheques. It has allowed the bank to achieve The proposed solution is well integrated with the bank's Core Banking lower operational costs. The System - Flex Cube, used for the clearing processes. Newgen solution not only provides a holistic view of the The Benefits business but also supports the The Newgen solution provided the following benefits to the bank: audit and compliance features.” ! With the deployment of the Newgen solution, the bank operations became centralized ! Scanning and processing of outstation cheques helped achieve lower operational costs by reducing the courier charges and processing time ! The Newgen solution requires minimal manual intervention for image- based cheque clearance and hence effectively reduces the cheque clearing time ! The bank gains competitive advantages by achieving higher customer satisfaction due to the reduced Turn Around Time (TAT). By using the Newgen Solution, the bank is able to process 2000 inward cheques and 2500 outward cheques on daily basis ! The Newgen solution also automates the warrant processing and cash management of the cheques, which are tightly coupled with the cheque clearance process ! With extensive reporting facility for real-time tracking and visibility of cheques, the Newgen solution provides a holistic view of the business ! All the cheques are archived in the underlying Newgen Document TM Management System - OmniDocs , which ensures faster searching and retrieval of documents ! The Newgen solution has an audit trail facility, which provides support for the audit and compliance www.newgensoft.com
  • 3. Case Study BANKING SOLUTIONS FOR BUSINESS PROCESS & CONTENT MANAGEMENT About Newgen Newgen Software Technologies Limited is the market leader in Business Process Management (BPM) and Enterprise Content management (ECM), with a global footprint of 800 installations in over 40 countries with large, mission-critical solutions deployed at the world's leading Banks, Insurance firms, BPO’s, Healthcare Organizations, Government, Telecom Companies & Shared Service Centers. Newgen Software has been positioned in the Magic Quadrant for Business Process Management (BPM) and Enterprise Content Management (ECM). The company has been 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 awards, such as the CNBC-TV18, “Emerging India Award 2008”. With HSBC and SAP investment, Newgen is one of the rare product company 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. Newgen prestigious clients include HSBC Bank, Deutsche Bank, Hua Nan Bank, ABN Amro Bank, ICICI Bank, IDBI Bank, State Bank of India, ING Vysya Bank, CitiFinancial, RAK Bank, Bank of Tanzania, Max New York Life, Bajaj Allianz, Royal Sundaram Alliance, Unilever, Philips, GE Countrywide, EXL, Satyam Nipuna, iGATE, Core 3, Ranbaxy, GSL, Kenyan Airways and SEC Philippines. Corporate Office US UAE Newgen Software Technologies Ltd. Newgen Software Inc.. Newgen Software Technologies Ltd. A-6, Satsang Vihar Marg, 1364 Beverly Road, Suite 300 YI 46, PO Box 120586 Qutab Institutional Area, McLean, VA 22101 Sharjah Airport International Free Zone New Delhi - 110 067 INDIA Tel: +1-703-439-0703 Sharjah, United Arab Emirates (UAE) Tel: +91-11-4077 0100, 2696 3571 Email: usa@newgensoft.com Email: emea@newgensoft.com Fax: +91-11-2685 6936 Email: corpmktg@newgensoft.com UK Newgen Software Technologies Ltd. www.newgensoft.com 68 Lombard Street, London EC3V, 9LJ BK-CS-IB-CTS Tel: +44-207-868 1736 Mobile: +44-78154 96669 Email: intmkt@newgensoft.com