A new system to speed up cheque processing will help fight fraud, according to Mantech Advanced Recognition Ltd (MARL).
The image proof-of-deposit system is designed to eliminate human error when cheques are manually processed at the bank counter.
Based on the Seac Banche RDS 3000 counter top document reader, the new system takes a scan of the whole cheque, not just the code line.
Operator errors or possible fraudulent activities will be reduced, as the RDS 3000 scans the cheque value and credit slip, rather than relying on manual data input from the cashier.
MARL has won a major contract with Lloyds TSB worth £2.5m to supply 515 sotware licences and RDS 3000 devices for its branches.