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What is Positive Pay System For Cheque Clearing, Know the Charges ?

by Askbanking January 2, 2021 Banking NewsLeave a comment

Positive Pay System of making payment to high value Cheques in Clearing or The Cheque Truncation System (CTS) – To further augment customer safety in cheque payments and reduce instances of fraud occurring on account of tampering of cheque leaves, it has been decided to introduce a mechanism of Positive Pay for all high value […]

Bank Account Queries

How Does Cheque Truncation System Work ?

by Askbanking December 21, 2020January 2, 2021 Bank Account QueriesLeave a comment

CTS or Cheque Truncation System is the automation of clearing process in the bank for faster payment of Cheques. This is the process of stopping the flow of the physical cheque issued by a drawer at some point by the presenting bank en-route to the paying bank branch. In its place an electronic image of […]