CTS Clearing

Using Cheque Truncation System (CTS) we at The Ankola Urban Co-operative Bank, process cheques digitally. Instead of physically moving cheques between banks, this system scans cheques and sends their images electronically. This speeds up cheque clearing, reduces errors, and makes banking more efficient.

CTS Workflow:

1. Cheque Deposit – Customers deposit cheques at their bank.

2. Image Capture – The bank scans the cheque and extracts key details.

3. Data Transmission – The digital cheque image and data are sent to a central clearinghouse.

4. Verification & Processing – The clearinghouse verifies the cheque and processes the transaction.

5. Fund Transfer – If valid, funds are electronically transferred to the recipient’s account.

Benefits of CTS

Faster Processing– Cheques are cleared within hours instead of days.

Enhanced Security – Reduces fraud risks with digital verification.

Cost Savings – Eliminates expenses related to physical cheque transportation.

Convenience Customers can track cheque clearance digitally.