Forbes Technosys: Streamlining the Process of Cheque Truncation

CIO Vendor Reserve Bank of India has implemented CTS (Cheque Truncation System) in the Delhi National Capital Region (NCR), Chennai and Mumbai, representing the three geographical zones viz. North, South & East and West and after migration of the entire cheque volume from MICR system to CTS, the traditional MICR-based cheque processing has been discontinued from 66 major MICR clearing Centres across these zones. Based on the advantages realized by the stakeholders and the experience gained from the roll-out in these centers, it has been decided to operationalize CTS across the country to smaller Cheque processing Centres as well.

Forbes Technosys, headquartered in Mumbai, provides an end-to-end solution through Automated process of cheque clearing in which the image of the cheque is transmitted to the drawee branch through the clearing house, along with relevant information like data on the MICR band, date of presentation, presenting bank, etc.

“Forbes developed an end-to-end web Cheque Truncation Solution through its in-house team of developers and technical architects to build a flexible architecture capable of accommodating the diverse banking systems, which the company later mastered into a complete secure, qualitative and fool proof solution. What sets the company apart from its competitors is its entire IP ownership and capability of accommodating across diverse banking environment, with customization ability as per the needs and wants of customer.” says Ajay Singh, CEO & Executive Director, Forbes Technosys Ltd.

Forbes CTS Solution involves synchronous encryption of cheque data by using 192 bit AES encryption standards across transmission and storage of data and files available to an authenticated and authorized user. It also provides an asynchronous digital signature based on PKI (Public Key Infrastructure) standards over a web based application. This is designed keeping in mind transmission of sensitive data during monetary transaction in an internet browser based application.

While RBI launched the CTS in Delhi NCR, Forbes realised the need for a Service Bureau model to offer CTS Outsourcing Services and set up its Data Processing Service Bureau at Delhi. FTL became the first company in India to get ISO certification for Image based Cheque Processing services.
As per the RBI mandate, the data pertaining to cheques needs to be stored for a period of 10 years, making it pivotal to store the data comprising of text and image, without losing its sanctity. Forbes’ capability of storing the Cheque information in small sizes in multiple formats was the unique factor during design of the whole solution, and optimizing the hardware requirements. The entire solution has been designed to have separate system for daily traffic as well as for storing data for the extended time frame.

Forbes has multiple solutions offered to its customers for implementing and using the CTS Solution and Services. Firstly, ‘ON PREMISES’ solution deploying the CTS Software at Bank’s Data Centre and DR along with requisite Hardware. Secondly, the company has also set up four DPCs (Data Processing Centres) where Cheques and Deposit Slips are scanned and data along with images pertaining to Cheques and processed at its Central Data Centre for Banks opting for an Outsourcing Services Model. Finally, a SaaS (Software-as-a-Service) model where the Banks procure the Cheque scanners and Capture Application and conduct the scanning activities. These images and Data travel to a Common CTS Processing Data Centre for exchanging to and fro to the Clearing House.

Apart from the CTS solution, Forbes’ Cash deposit kiosks have gained popularity by revolutionizing the way people deposit cash in India.The companyhas also developed end-to-end banking solution comprising of front-end platforms and back-end software. Creating its own IP through a dedicated center for innovation, Forbes has won several international and national awards for its unique concepts.“Flexibility of variants, fool proof end-to-end solution, customization as per the banks’ requirements, and our interface with each individual bank has helped us in gaining the confidence of the customer.” shares Singh.


Multi-dimensional CTS solution
In any market, what holds utmost importance is having an insight regarding what customer wants and anticipating his future needs. To have an edge over the competition, Forbes has designed three variants of CTS solution depending on a bank’s profile. The first one is to have a centralized setup comprising of putting up CTS Common Bureau (CCB) Setup, providing connectivity to the participating banks, and interfacing with CHI, as per the NPCI guidelines. Secondly, it has on premise setup, in which it deploys the CTS application along with required hardware for the bank in the respective bank’s DC and DR sites. In addition, the company provides scanning stations at locations identified by bank, from where the bank staff would do the scanning and data entry operations.