Payment processing has dramatically changed in the last few years. The number of paper cheques continues to decline in developed countries like US, while in many developing countries the cheque volumes are rising but with increasing labor / infrastructure cost. Either of these is resulting in rise in per item costs on existing paper-based cheque processing systems.
The Check 21 Act in the US or its equivalent Cheque Truncation Systems in EMEA and Asia Pacific countries, may be seen as the tipping point, ushering in a profound change in payment processing. Customers will have new products and banking relationships to choose from. Banks will deal with the revenue impact from reductions in cheque float, while enjoying reduced transportation costs and process improvement that will result from combining cheque image and image exchange in existing workflows. Forward-thinking institutions will take advantage of new revenue opportunities that come as cutoff times are extended and opportunities to expand their footprint are presented.
We are entering an ‘any to any’ world of transaction processing. Any payment type, from any location, to any destination, in any format. And 3i Infotech is ready to take you there.
- Retail Remittance Processing
- Wholesale Lockbox
- Interactive Lockbox
- Anywhere IDE
- PDC Processing Solution
- Electronic Payments