Cheques need to be verified and cleared as quickly, efficiently and accurately as possible. With most countries adopting CTS system, cheque verification and clearing process is carried out through cheque images being sent in by the receiving bank or financial institution.
In recent years, Cheque fraud has become a growing issue of concern in some countries. Advancing digital technology has made it easier for counterfeiters and fraudsters to acquire blank cheque stationery and the magnetic ink (MICR) printers and fonts to recreate the cheques that are read by bank scanners.
Watermarking, holographs and other security features may help to deter such fraud, though eventually the fraudsters and counterfeiters would be able to acquire similar technology as well. Thus, we are left with the crucial question - how can cheques be enhanced to make them difficult to be tampered with?
Whether it’s blank cheque stationery or printed cheques (cheques with printed details), the use of Qryptal’s Secure Codes for cheques helps to substantially reduce this type of fraud.
Simply adding Qryptal’s Secure Code on cheques makes the cheques tamperproof as the code can only be generated by the bank or its authorized customers. All the key details of each cheque are securely signed and sealed inside Qryptal’s Secure Code.
Qryptal’s system is flexible in terms of the data that can be encapsulated in the Secure Code. This includes the following:
Adding Qryptal’s Secure Code to Cheque’s is easy. It is added automatically as part of the printing process, just as image logos are added to cheque stationery:
The Qryptal Generator does all the work to encapsulate the data and return the Secure Code image to be incorporated on the cheques. It’s a simple API call to get started. Find out more on our Technology page
Cheques that have been secured with Qryptal can easily be validated with Qryptal’s Validation Server as part of the Automated Inward Clearing process.
Qryptal’s Validation Server does the following:
We have cusomers and users in most parts of the world.