Axis provides an innovative patent pending product that offers a secured, efficient platform for corporate banking. The current cheque clearance authentication process is manual, time consuming and prone to human errors. It is also very tedious as it involves checking authentication directives (Business Logic) and matching signatures on the cheque with that in the database in order to grant clearance. Axis Automated Cheque Clearance (ACC) adds another layer to signature authentication with an annotation, which is coupled with biometric authentication. In ACC an annotation is printed on the cheque, which stores confidential information such as signatory details, cheque information and fingerprints of the signatories. When a cheque comes in for clearance the Axis System with the banker just scans the annotation and matches the data with that in the database and authentication is done. At the same time other authorizations are also ascertained like whether signatories are authorized to sign, whether the amount they are authorized to sign is not exceeded etc..
Features
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Uses Advanced Technology to
store data on the cheque/instrument
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Controls entire cheque signing
process at client end
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Annotation is tamperproof;
cannot be transferred i.e. is married to the cheque/ instrument and data is
stored in an encrypted form
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The annotation fits very well on
cheque having 1"X 3" size
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All the information such as
signatory details, fingerprint of signatories and cheque details are stored in
the Annotation.
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Fast and Accurate automated
reading and confirmation of cheque information at banks end
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Complex business logic can be
applied instantaneously
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Biometric authentication
required to print the annotation onto the cheque/ instrument
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The signature of the signatories
remain on the cheque/ instrument as per legal requirement.
Deployment
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It is quickly and easily
deployed with no end user downtime.
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Supports all major platforms
(Windows, Unix, Novell)
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Solution is software intensive,
no special H/W required.
Applications
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Banks
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Financial institutions
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Stock Exchanges
Benefits
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Since all the data pertaining to
the cheque is stored on the cheque itself it becomes very convenient.
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It is very secure as fingerprint
of the signatories is used for authentication instead of signature, hence there
is no question of forging of signature
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Errors due to manual
authentication process eliminated thus reducing frauds
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Time required for cheque
clearance process is much shortened thus increasing efficiency.
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