On January 29, the new workflow of image-based check processing has officially gone live through the standardized national procedure called CIT (Check Image Truncation). The most innovative aspect of the new process lies in the mandatory digitalization of paper checks once received by a bank from their clients, and the completely dematerialized processing steps of the check for the rest of its life. The conversion into an image, that is digitally signed and stored by the bank with legal value, opens up to the streamlining of the clearing process, boosting efficiency of the overall back-end process in the interbank space: digital copies of the checks replace completely their paper originals.
The main advantage for the end-users in this new workflow is of course the certainty of the check clearing timeframe, which is much shorter and safer at the same time.
TAS Group actively supported the Banking customers over the last 12 months in the preparation for this transition to an image-based check processing system, by providing banks with suitable solutions and assistance to efficiently manage the update to their legacy systems and start migrating to the new operating model. Among the first movers, six banking customers covering around 30% of the entire checks clearing volumes, have successfully gone live implementing TAS solutions.
In particular, TAS Group improved its Network Gateway 3.0 solution, by introducing the new FLS driver that guarantees the exchange of CIT flows in the national interbank clearing, as well as a business service specifically dedicated to the CIT workflow management based on Bank of Italy’s system specification, covering the generation, processing and transformation into the appropriate standardized messaging protocol.
Discover more about TAS Network Gateway 3.0