Introduction to Clearing Interface - C1

In order to a better understanding the user has to be familiar with the navigation around Temenos Transact and with the Temenos Transact accounting concepts, customer, FT Modules and CAMB Local Clearing and positive pay.

In Canadian market, the banks require the Local Clearing and Returned Items functionality for fulfilling their inward cheque clearing from the Clearing House and returning the cheque items back to the Clearing House for any reason.

The Positive Pay functionality is an additional service, wherein the inward clearing cheque are cross-checked or validated with the details provided by the customer. If the details of the check match with the details provided by the client, the check is forwarded for inward clearing. In case of mismatch, the cheque details are emailed to the customer.

The cheque is processed based on the customer’s confirmation. If no confirmation is received from the customer within a stipulated time, the default action specified for this customer is followed. Positive pay service is mostly used to avoid fraudulent activities and to make the clearing process more secure.

In the positive pay functionality, if the customer has opted for the service, the customer must send the cheque details to the bank through e-mail once the cheque is issued.