BCS Singapore - Secure & Efficient Electronic Payment Systems

Cheque Truncation System

World’s First Nationwide

CHEQUE CLEARING SYSTEMS

Automated Cheque Clearing was the first service offered by BCS upon its appointment as operator of Singapore Automated Clearing House. From a rudimentary, semi-automated system, the clearing process has undergone much evolution into the current highly-automated and enhanced Cheque Truncation System (CTS). We are proud that this is the first nationwide cheque truncation system implemented in the world.

  • 1982Automated Cheque Clearing
  • 1992Electronic Cheque Clearing
  • 1996Foreign Currency Cheque Clearing System
  • 1997Image Clearing System
  • 2003Cheque Truncation System

Process
Introduction of Magnetic Ink Character Recognition (MICR) technology allows information to be captured and stored in magnetic tapes, and dispatched with physical cheques to receiving banks

Process
Electronic transmission of information captured from MICR codes to receiving banks; reduces reliance on magnetic tapes

Process
Appointed operator of automated clearing for US-dollar denominated cheques

Process
Improved cheque processing with electronic transmission of cheque images and MICR codes

Process
Secure transmission of cheque images through advanced imaging and internet technologies; eliminates transfer of physical cheques



HOW CTS WORKS

CONTACT US

Banking Computer Services Pte Ltd

11 Tampines Concourse #02-05 Singapore 528729

T +65 6416 9000
F +65 6785 1057
E info@bcs.sg