Introduction to Cheque Management

Financial Institutions has an ability to issue cheque and produce xml extract using the Cheque Management module.

The functionality is classified as per below:

• Contracts to mature: The system differentiates between deposit brokered vs deposits non-brokered. The system also allows you to modify repayment conditions before the cheque is issued.
• Payment entries automation: The system identifies and calculates both scheduled interest payments and principal interest at maturity. Principal and interest must be issued in separate cheques for brokered deposits; whereas one cheque must be sent for non-brokered deposits.
• Warning message: The pay by cheque feature is allowed only for periodic and fixed rate type deposits. The system displays either an error or warning message when a floating rate deposits is created and/or modifications are made to the arrangement for which a cheque issuance has been scheduled.
• Report for deposits to be processed manually: The system displays a dashboard with real-time updates for deposit arrangements with expired maturity dates and that have a remaining balance (whether debit or credit balance).
• Interface with printing solution: The system produces a daily extract file containing cheque details for deposit arrangement where principal and interest cheques are scheduled to be paid.
• Automatic reorder: Ability to reorder cheques based on the available quantity.
• Ability to restrict processing PAYMENT.ORDER transaction when the maximum threshold amount is reached.
• Ability to restrict the clearing process based on cheque status.
• Report to be generate to list the office cheques issued.
• Ability to transfer the funds of unclaimed cheques to GL accounts based on certain number of days.
• Ability to generate xml report for cheques that are cleared.
• FI has an ability to consolidate the cheques for nominees.
• Ability to restrict processing PAYMENT.ORDER transactions, when the account status is in pending closure.
• Ability to reprint cheques once generated, new xml file will be generated on reprint.