Nigerian Banks have communicated their readiness to work with the CBN to replicate the cashless regime across the country having signed on iTeller, an indigenous cheque truncation application.

CEOAFRICA news desk gathered that the current cheque truncation regime which is planned to reduce the cheque clearing cycle from T+2 to T+1, while the iTeller application is presently at T+0 ready system is an ultra violet cheque scanning ready solution.

The report clarifies that cheque truncation is one of the instruments necessary for the actualisation of the cashless regime just being implemented in Nigeria.

iTeller application is said to be a suite of integrated solutions that comprises ATM based self-service cheque lodgement , cash lodgement/withdrawal and cashier’s desktop transport cheque scanning system for a state-of-the-art and an end-to-end branch level cheque truncation capacity as well as a slip-free banking experience.

Nigeria Inter-Bank Settlement Systems (NIBSS) and Nigeria’s leading financial services software provider, Precise Financial Systems, PFS, recently collaborated with the CBN to achieve the cheque truncation exercise across the 37 branches of the CBN in Nigeria states capital including the federal capital territory, Abuja.

However the application according to statement signed by Yele Okeremi, the Managing Director of PFS, provides an optimal mix of both hardware and software for capturing, inbuilt scanning and processing of cheques presented by customers for lodgement, stressing that the design concept ensures proper synergy with the bank’s core banking application.