CTS Clearing (cheque Truncation System)
ECS (Electronic Clearing Service)
- CTS processes Inward and outward Cheques
- Physical movement of the instrument is stopped, only images are send to Clearing house.
- The electronic movement of images can facilitate reduction in the clearing cycles.
- There is no fear of loss of instruments in transit.
- It provides superior verification and reconciliation process
- Reduction in operational risks.
- ECS is an electronic mode of payment / receipt for transactions that are repetitive and periodic in nature.
- ECS is used by institutions for making bulk payment of amounts towards distribution of dividend, interest, salary, pension, etc.
- ECS is also used for bulk collection of amounts towards telephone / electricity / water dues, cess / tax collections, loan installment repayments