Solution
Digitisation of checks – from manual to digital
Full service cheque clearing from XBP
Digitize every cheque, securely end-to-end.
AI cuts errors and speeds approvals instantly.
Scale cheque volumes without losing financial control.
Actionable insights power smarter cash flow decisions.
Major Contender
Banking Operations – Services PEAK Matrix®, 2023
Cheque clearing services that go beyond processing
Effective and efficient cheque clearing is a complex, regulated process. Our cheque Clearing services overcome these challenges using decades of operational experience, in-house case management and image and workflow technologies. XBP was instrumental in rolling out the underlying technology behind the UK’s Image Clearing System in collaboration with PayUK and Vocalink (a MasterCard company). Every day, we support a diverse range of clients, including major banks, to handle significant transactional banking services. In fact, XBP processes over five times the total volume of cheques written each year in the UK.
A comprehensive digitisation of checks solution
We provide both interbank cheque clearing and cheque remittance processing services, supported by nearshore and off-shore facilities.
Efficiency
We continually innovate our solution to attain the highest possible automation rates. Receiving, recording or lodging cheques is handled professionally, in a controlled manner. Tracking of relevant data is automated.
Highly trained staff
Cheque clearing and cheque processing services such as image cash letter processing, lockbox and remittance processing are very different. Cheque clearing needs a higher skill level and processing diligence due to its regulated nature. Our staff are trained and competent and must meet minimum requirements for both activities.
Technology and automation
Extracted data can be automatically validated and information routed to next step in the
approval hierarchy. Exceptions or discrepancies needing manual intervention are flagged.
Reporting
Reports can be generated on key metrics, while audit trails ensure compliance with financial regulations and internal policies.
Less error
Smart technologies including AI ensure the accurate capture of data on cheques, reducing the risk of manual error and payment delays.
Combined data
Physical and digital information is combined via cheque digitisation to create an integrated flow of usable, accurate data.
Features
The smart way to transform what has traditionally been a manual, time-consuming process.
XBP offers both regulated interbank cheque clearing and cheque deposit services, with business processes and IT systems optimised for both activities. We offer smart process design, validations, best-of-breed technology, and highly trained staff. Cheques can be received on an organisation’s behalf, and scanned using smart AI technologies.
Smart technologies ensure accurate cheque reading and avoid data input errors
Time savings and efficiencies free resource time to focus on other activities
Programmes and bonuses drive team members to deliver high quality standards
Digitisation of checks ensures faster processing and adding payments to cash flow
SLAs, KPIs and Industry Specific Service Levels drive a robust ICS operation