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Electronic Clearing Office 

Scope:

         Clearing operations are the backbone operations of a bank. Presently most of the operations at service branches are manual and the delay at various points leads to customer complaints. The automation of service branches will lead to satisfactory customer service and better customer relationships. RBI has advised all the banks to have their service branches automated. ECO deals with entire automation of service branches.This package is an effective tool in the hands of a service branch or say, any organisation who wants to handle clearing operations of a bank(out sourcing).

Functionalities:
  • Inward Clearing
  • Outward Clearing
  • Inward returns
  • Outward returns
  • High value clearing
  • High value returns
  • Inter bank clearing (for Inter bank borrowings)
  • Collection of cheques received from outstation branches
  • Speedy collection of cheques drawn on Metro centres through National Clearing Service
  • Impressed Branch accounts
  • Receivable and Payables Maintenance
Outward Clearing: 
                 
    The Cheques drawn on other banks when presented in this bank is sent for outward clearing. Details are entered and consolidated before sending it to RBI.

Inward Clearing: 
               
    In inward clearing the cheques drawn on them presented by other banks are collected from RBI. Inward datas collected from RBI are uploaded and processed.

Outward Returns: 
                
    Cheque returns are emanating due to various reasons. All such cheques returned by the branches are to be returned to the respective presenting banker. As the returns are going out of the bank it is called the Outward Returns. Return cheques received from the branches along with the consolidation sheets are processed.

Inward Returns:
      
    On receipt of the return cheques with the listing from the banks through RBI, the inward returns process starts. A consolidation is prepared based on banks listing and processed.

High Value Clearing: 
    It is a special type of clearing for the cheques and drafts for Rs.1 lakh and above and in a specified area close to the clearing house. There is a return clearing for High Value clearing.

Inter Bank Clearing: 
  
    In this clearing, only bankers cheques drawn in favour of the member banks alone are accepted. This clearing is mainly for inter bank borrowings and settlements. Hence there will be no returns in this clearing.

Collection of cheques received from outstation branches(ODB): 
    Local cheques received from the outstation branches are collected by Service branch on behalf of those outstation branches. Such cheques are collected through clearing and proceeds are remitted to the collecting branches.

National Clearing Service: 
 
    Cheques drawn on metros and notified centres can be collected through this service.

Branches Impressed accounts for clearing: 
    Inter branch accounts of local branches are maintained and reconciled to reduce the work load at Head   Office.

Receivable and Payables maintenance: 

       The processes of clearing always give rise to payable and receivable entries due to various shortcomings. Receivable and Payable accounts are maintained.

Salient Features:
  • Uploading and Downloading the respective branch data through switch
  • Reconciliation made faster by provision of electronic data
  • Graphical and Statistical representation of MIS reports
  • On-line help
  • Auto account maintenance
  • Generic Queries on all modules
  • Needy reports of multiple choice
Security Features:
  • Crystallised Reports cannot be altered by anyone with out authentication
  • Menu Masking
  • Supervisory Authentication
  • No direct entry for Day Book, its is updated systematically
  • Modification in any entry can be traced out.
HARDWARE:

Server Client/Node
133 Mhz or Higher Pentium-III 133 Mhz or Higher Pentium-III
256MB of RAM(64MB minimum supported) 128 MB of RAM (32 MB minimum supported)
8.0 GB Hard Disk with 4.0 GB minimum free Disk space 4.0 GB Hard Disk with 2.0 GB minimum free Disk space
VGA or Higher-Resolution monitor VGA or higher-resolution monitor
CD-ROM CD-ROM (optional)

SOFTWARE:

Server Client/Node
Oracle Server Oracle Client
Windows NT Server Windows 98


Last updated:01.06.2007                                      © 2007 Pentasoft Technologies Limited. All Rights Reserved