Khushhali Bank gets ‘INCHEQS’

KARACHI: Khushhali Microfinance Bank Limited has acquired ‘INCHEQS’, a system that enables digital cheque clearing process, to manage and administer inward and outward cheques along with Robotic Process Automation (RPA), a statement said on Wednesday.

It supports and integrates signature-verification system to validate cheques against the original specimen signature of each customer.

The system also allows hassle-free execution of transactions, through advanced digital-banking tools, where the sender bank can scan their cheques’ front and back, and the system will process the amount and information specified to the payee bank. This will reduce the need to physically move the clearing instruments.

President & CEO Khushhali Microfinance Bank Ghalib Nishtar said this technological evolution is in line with the vision of State Bank of Pakistan (SBP), to enable online access to banking, to reduce frauds, providing convenience to consumers. SBP has already announced deployment of image-based cheque clearing system, effective from Jan 3rd, 2022.