Will There Be Any Change In The Process For The Customers?

1.	Will There Be Any Change In The Process For The Customers?
Answer» There will be no change in the clearing process. Customers would continue to use cheques as at present, except in the use of image friendly coloured ink for MAKING the instruments. Of course, such of those customers, who USED to receive the paid instruments, like Government Departments, would only receive cheque images instead of the physical instruments. This will also facilitate in better processing at their end, as they will be able to ACCESS online images in addition to the data. As the images are going to be moved across, the time taken for the receipt of paid instruments at their end could be reduced so that better and timely control could be exercised over payments. This will also give an early opportunity to the DRAWERS or issuers of cheques to detect frauds or alterations in their cheques. It is also possible for cheque issuers to consider newer techniques such as embedded verifiable features such as bar-CODES or logos or watermarks, encrypted codes, holograms, etc., which would facilitate early interception of altered/forged instruments.

Answer»

There will be no change in the clearing process. Customers would continue to use cheques as at present, except in the use of image friendly coloured ink for MAKING the instruments. Of course, such of those customers, who USED to receive the paid instruments, like Government Departments, would only receive cheque images instead of the physical instruments.
This will also facilitate in better processing at their end, as they will be able to ACCESS online images in addition to the data. As the images are going to be moved across, the time taken for the receipt of paid instruments at their end could be reduced so that better and timely control could be exercised over payments. This will also give an early opportunity to the DRAWERS or issuers of cheques to detect frauds or alterations in their cheques.
It is also possible for cheque issuers to consider newer techniques such as embedded verifiable features such as bar-CODES or logos or watermarks, encrypted codes, holograms, etc., which would facilitate early interception of altered/forged instruments.

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