Back counter check processing and settlement solutions
Vsoft Corporation, a global information and technology provider of process improvement solutions for financial institutions, has been selected by CIBC FirstCaribbean International Bank to provide back counter check processing and settlement solutions (view press release). Through implementing these solutions, the bank hopes to meet the new Eastern Caribbean Currency Union Clearing House Electronic Settlement & Clearing standards which will come into force later this year. The bank plans to implement the solution in 15 branches across seven islands. In addition, the bank will deploy Vsoft’s image exchange solution, exceptions processing for both outgoing and incoming returns and duplicate detection and archival retrieval applications.
Vsoft’s back counter capture solution provides automated image and data workflows, which capture, correct and balance transactions and include validation features. Its image exchange product, which features rules-based sorting, aims to help the bank expedite procedures and lower transportation costs.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
