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Express Cheque Clearing System
Express Cheque Clearing System
making the payment systems in the country efficient, modern and robust. Cheques continue to play a dominant role in our payment system landscape, more s o in terms of volumes handled. Apart from the 66 MICR locations (handling around 85% of the total cheque volume and value) for mechanised processing and settlem ent of cheques, there are around 1,093 non-MICR centres as on date that use a so ftware called Magnetic Media Based Clearing Software (MMBCS).There was, however, a demand from banks for further refinements in terms of accepting multi-user in puts in a networked environment, core-banking integration and graphic interface compatibility. State Bank of India (SBI), the bank managing most number of clearing locations, was advised by RBI to lead the initiative to develop a new application. The appl ication Express Cheque Clearing System (ECCS) has been developed by M/s Image In foSystems Private Limited. The technical and commercial aspects of ECCS have bee n vetted by Steering Committee comprising of senior executives from SBI, other C learing House managing banks, National Payments Corporation of India (NPCI) and National Clearing Cell, Nariman Point, RBI, Mumbai and is successfully running a t a few Clearing Houses as well. The new features in the application are: 1. Speed Clearing to be available from Day One 2. Full Unwinding 3. Encrypted Data Movement 4. Flagging Duplicates 5. Return versus Presentation - MIS Support, prevents fresh items being presente d in the returns cycle. Considering the improvements that ECCS would offer, it has been decided by RBI t o roll-out the software across all non-MICR clearing locations in the country by September, 2011. RBI has vested responsibility for the roll-out of new Clearing Software - ECCS a t 1093 Non MICR location of the country. NPCI will be co-ordinating with SBI, RB I Regional Offices (NCCs) and other banks managing Clearing Houses at Non-MICR l ocations for the implementation of ECCS. According to RBI notification letter, NPCI will be, - Single point of contact for banks and vendor as also for change control, futur e updates, support issues, reporting to RBI etc. - Sharing the roll out plan (in consultation with the NCCs) and training schedul e - Sharing hardware, software and other requirements, information about SLA, supp ort, escalation process, contact details etc. SBI to ensure roll-out in all clearing locations managed by itself and its assoc iate banks.NPCI and SBI to co-ordinate for smooth roll-out. The entire process of roll-out to be completed within a time-frame of six months from April 1, 2011 i.e., by September 30, 2011.