Khushhali Microfinance Bank selects ‘INCHEQS’ digital cheque clearing solution

Khushhali Microfinance Bank Limited – a leading financial institution in Pakistan has pioneered another technological advancement, by selecting INCHEQS – Image-based Clearing System (ICS). The system enables digital clearing process, to manage and administer inward and outward cheques alongwith Robotic Process Automation (RPA). It supports and integrates the signature-verification system to validate the cheques against the original specimen signature of each customer.

The system allows hassle-free execution of transactions, through advanced digital-banking tools, where the sender bank can scan their cheques’ front and back, and the system will process the amount and information specified to the payee bank. This reduces the need to physically move the clearing instruments.

The President & CEO of Khushhali Microfinance Bank – Ghalib Nishtar stated that, “Khushhali Bank is moving towards digital transformation – This technological evolution is in line with the vision of State Bank of Pakistan, to enable online access to banking, to reduce frauds and provide convenience to the consumers, by implementing effective global best-practices”.

State Bank of Pakistan has also announced the deployment of “Image-Based Cheque-Clearing System” (IBCS), effective from 3rd January, 2022, as the way forward with ICS – Phase I followed up with OCS as Phase II, as the country’s roadmap for bringing Pakistan at par with the developed world. Moreover, this technological advancement is the need of the day, while the consumers must minimize physical interactions to prevent the COVID-19 spread.

Posted in Article & Features.

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