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News >> Technology >>
Newgen launches Cheque Truncation in Chennai
By siliconindia
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Thursday, 10 March 2005, 20:30 IST
BANGALORE: Newgen Software Technologies Limited has launched the Cheque truncation in Chennai in
association of Microsoft.
Cheque Truncation allows processing of cheques to be done based on electronic images of cheques and cuts out the flow of paper cheques completely for outward as well as inward clearing. This leads to faster clearance, higher efficiencies and better-managed operations.
Speaking about truncation Punit Jain, Vice President, Sales and Marketing, Newgen Software Technologies said, "Cheque truncation is a revolutionary trend worldwide and will transform the working of the banking industry in India. Newgen is the first Indian company to bring in technology to support Cheque Truncation. It is the first time that Cheque Truncation Solutions are being demonstrated in Chennai. Newgen aims to help CIOs of the banks in South India to understand and implement cheque truncation solutions".