Cheque truncation the Central Bank of Mauritius
CMA’s Cheque Truncation System is used by the Central Bank of Mauritius.
Stockholm, March 19th, 2012. CMA of Sweden has announced today that its solution for Cheque Truncation (CHE/X) has been successfully operated by the Central Bank of Mauritius for the first six month.
As per official communiqué from the Bank of Mauritius:
“The Cheque Truncation System (CTS) – the process by which physical cheques presented for payment are converted to electronic form and the image transmitted electronically to the clearing house for processing and eventual payment – is a joint initiative of the Bank of Mauritius and the Mauritius Bankers Association (MBA) and is part of the strategic vision of modernising the national payment system whilst meeting fundamental objectives of safety, efficiency and effectiveness. The new system replaces the cumbersome process of physically transferring cheques from banks nationwide to the Port Louis Automated Clearing House. It enables the significant reduction in the float time and makes funds available faster.”
The implemented solution – CHE/X, is based on CMA’s solution for Automated Clearing House, which has been one of CMA’s flagship products for over a decade and used by a large number of clients.
From the official joint communiqué from the Bank of Mauritius and the Mauritius Bankers Association Limited:
“Cheques are, currently, the most visible and significant mode of payment in Mauritius, with an average of 21,000 cheques being cleared daily for an amount almost of a billion rupees (33MUSD). Customers will invariably gain with the implementation of the CTS as the float time for cheque clearance, which presently ranges between two to five working days, will be significantly reduced to one to two working days. The other expected benefits are, inter alia, (i) faster clearance times between branches of different banks; (ii) greater efficiency in the banking sector leading to improved customer service; (iii) improved efficiency in the processing of cheques and funds transmission; and (iv) enhanced security and finality on the transfer of value through payment systems.”