Fintech innovations automating Cheque Processing
As much as the digital revolution has created multiple forms of paperless payment, from EFTs to cards to wearables, there is still a substantial amount of cheques still being issued, particularly for the B2B market. Cheques have some defining characteristics that may seem archaic in the new world of real time, instant payments but may actually be desirable in many instances, e.g. delays payment, ability to post date payment, simple to use, requires no knowledge of payees banking details etc.
However, the process of issuing and receiving can be cumbersome. Several fintechs have automated some aspects of cheque processing either by digitally issuing checks or using technology to digitise paper cheques while maintaining adequate security.
Here are a few from the Matchi platform:
Scanovate: Image-based mobile self service
Pay paper bills by using a photograph and paying online
Fintech Themes: Next Generation Payments Customer Experience
Temporary secure retention of the original paper check after imaging and before destruction
Fintech Themes: Efficiency
Alogent Mobile Remote Deposit Capture (MRDC)
Mobile deposit of cheques using camera phone technology
Fintech Themes: Mobile VAS / Mobility