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CubeIQ Solutions and Systems: Developed Applications
Intelligent Cheque Clearing System - iCCS™
Post Dated Cheque Processing - PDC-iCCS™
Post Dated Cheque Processing - PDC-iCCS™ is a separated but integrated applications to the main iCCS™ that provides facility for processing Post Dated Cheques.
PDC-iCCS™ is suitable for:
Bank's factoring departments.
Bank's loan and financing department.
The Case of Post Dated Cheques
In certain region is permitted to issue cheques with an issuance date later than "today".
These cheques are defines as "Post Dated Cheques", are used primary in B2B transactions and can be paid only after the issuance date.Merchants and enterprises having in their hands post dated cheques are using them either as collateral to loans or they present them to their bank and get paid with a discount that is directly proportional to time distance between the date of presentment and the the actual "issuance date".
However the banks that receiving post date cheques either as collateral of to pay them in advance have to keep them in custody until the actual "issuance date" - maturity date. After the "issuance date" the bank can present the cheques to the issuing institutions for the actual payment.
Processing Post Dated Cheques
Post dated cheques needs to be pre-process and validated before the actual main processing.
In PDC-iCCS™ cheques are processed per case. A case can be a loan collateral of an advance payment. Each case takes a Unique Processing Number - UPN. For each case the cheques are scanned, the code-line is read and missing data are typed together with the amount and the issuing date. Each batch - case is stored separately. Certain data are extracted for updating the core banking system.
Maturity Date List:
PDC-iCCS™ creates and maintains two lists that are linked. The first list is the list of cases and the cheques attached to each case. The second list is the list of maturity dates and the cheques that mature in each date. PDC-iCCS™ each date reports the cheques that have mature. If the operator decides to move these cheques from the PDC-iCCS™ application to the clearing module - OiCCM™ for payment, PDC-iCCS™ updates each case and each case values in which one or more cheques have been moved.
Each cheque is followed-up and its status is updated accordingly, throughout its whole life cycle (stored, immature, mature, extracted, processed and cleared).
PDC-iCCS™ gives the ability to the operator to validate the system database and to compare the stored cheque's physical bodies with the electronic ones stored in the system database. At any time the operator using the system's validation function can reprocess - rescan all stored physical bodies. PDC-iCCS™ will read again the code line, identify the cheque then and try locate the cheque in the database. The system will report all cheques reprocessed but not found in the database and all cheques in the database that were not reprocessed.
EOD Clearing Calculations:
At the end of the daily processing, CH-iCCS™ calculates:
total credit advices for each member and the total credit advices for all
total debit advices for each member and the total debit advices for all
credit-to-debit balance of the daily processing