Global Arab Network | Raqmiyat launches online ‘Cheque Clearing Solution’ for banks in the UAE

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Raqmiyat launches online ‘Cheque Clearing Solution’ for banks in the UAE

Edited by J Taki

Monday, 26 October 2009 13:52

Raqmiyat, a leading UAE-based systems integrator, has launched 'ICCS Connect', the web version of its 'Image-based Cheque Clearing Solution' (ICCS) for banks in the UAE, with the first customer shipment targeted for January 2010. Built on Microsoft.Net technology, the new web-based version will provide banks with increased operational efficiency, simplified deployment capability, and additional features and workflows. Furthermore, the company expressed its confidence that 'ICCS Connect' will help banks streamline growing customer demand and achieve significant savings in IT support costs.

Instead of using the physical cheque for clearing, the 'ICCS' solution uses the cheque image and data, which is moved through various steps in the cheque-clearing cycle. By using this solution, customers benefit from shorter cheque clearing cycles, which in turn means faster access to their money. Banks can also offer better customer service, reduce overheads in physical clearing and increase operational efficiency by facilitating a centralised image archival system.

"Leveraging our extensive experience from working with 40 banks in the UAE who have adopted the earlier version of our payment system software, we have developed a new version of 'Image-based Cheque Clearing Solution' as part of our commitment to the continuous development of IT-powered payment solutions for the banking sector," said Tapas Roy, Chief Operating Officer, Raqmiyat. "Amidst the growing significance of payment systems in banking operations, we are focused on addressing their need for a robust solution, which can keep up with the developments of modern technology at all times. We are a serious player in the industry and have demonstrated that fact by going ahead with this huge investment in new product development despite the current financial climate."

Global Arab Network