Follow on Google News News By Tag Industry News * Payments * More Industries... News By Place Country(s) Industry News
Follow on Google News | Central Bank of Seychelles Awards ProgressSoft the Nationwide Electronic Check Clearing Project[Victoria, Mahé, Seychelles – 12 Dec 2012] ProgressSoft Corporation has been awarded the nationwide project for the development and implementation of the Electronic Check Clearing Solution in the Republic of Seychelles.
“It brings us a great pleasure to be awarded another country-wide Electronic Image-based Check Clearing project in Seychelles. While we are on the verge of the live run of two more country-wide Electronic Check Clearing projects in Bahrain and in Nepal, this is but an emphasis that this new award endorses our excellence and primacy within real-time payment solution providers around the globe”, expressed Mr. Michael Wakileh, CEO, ProgressSoft. As part of their evaluation of tender proposals, delegates from the Central Bank of Seychelles visited Doha to view the live operations of ProgressSoft’ “We are adding this project now to a longer list of success stories for real-time payments and I am sure we will transform banking and payments in Seychelles to new paradigms. I must thank all of ProgressSoft team, as they are the true reason for winning this project “, added Wakileh. Implementation of ProgressSoft’ The new solution will replace the physical transportation and manual clearing sessions taking place at the Central Bank of Seychelles with an electronic exchange of check images between the Central Bank and member banks. The goal is to achieve a clearing schedule of same-day value date for deposited checks, in place of the traditional clearing process which requires several days. Electronification of inward and outward check items will also enable banks to truncate paper checks from the branch level. The shortened clearing cycle will be beneficial to the Seychelles in that it will increase cash flows and boost economic performance. Confidence in the check as a payment instrument is expected to increase as the system will accelerate availability of bad check information and fraudulent item detection. Meanwhile, massive reductions in operational expenses incurred by manual clearing will be realized at the Central Bank and member banks. # # # Established in 1989, ProgressSoft has been focusing its proficiency in real-time payments and imaging technologies to deliver a set of innovative solutions tailored for the needs of the banking and financial sectors. Serving a diversified client base of 350 banks in 24 countries around the globe, ProgressSoft provides solutions in the fields of Electronic Image-based Check Clearing, Mobile Payment, Automated Clearing House Payment, Intelligent Signature Recognition and Real-time Settlement for Securities Trading. End
Account Email Address Account Phone Number Disclaimer Report Abuse
|
|