Barclays Launches Image Based Cheque Management Service
Using a combination of Barclays DirectCheque and ImagePay, this enables customers issuing large numbers of cheques to outsource the entire cheque issuing and reconciliation process to the bank. Barclays DirectCheque handles the secure storage, printing and mailing of cheques, whilst ImagePay matches the cheques as they are presented through the clearing system against the original electronic DirectCheque file. The matching process is complete by 7 a.m. on the day the cheque is presented to a customer account, enabling fast reconciliation and integration with account payable ledgers. When a match is made, the cheque is paid, but this can be reversed by customers using the on-line, automated stop cheque facility before the cheque is finally paid to the account.