DSCB Improves Clearance Speed With VSoft Solution

VSoft, a Hyderabad-based IT provider of process improvement tools for financial institutions, has announced that its software solution has enabled the Delhi State Co-operative Bank to implement image-based cheque processing across 40 branches in the National Capital Region of Delhi.

The software application from VSoft facilitated the automation of the cheque processing system for DSCB. This completely eliminates the physical movement of cheques, thus, making funds available to the bank’s customers faster and thereby, improving customer service.

R S Dahiya, managing director, DSCB, said, “VSoft was able to quickly analyse our situation and understand our requirements. Branch user access to inward item images over the Internet was a unique solution to our problem of branches viewing the inward cheques. The solution is very easy to use and has been operational for over a month now substantially improving our processing speed.”

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VSoft’s solution for image-based cheque processing will keep DSCB’s overall costs low and its application will support multiple institutions in terms of high speed image and data processing.

Murthy Veeraghanta, chairman, VSoft, said, “By implementing VSoft’s Central Site Capture solution, DSCB will be able to drastically improve its cheque processing speed, delivering overall process efficiencies with improved customer satisfaction.”

As part of the requirements laid down by the RBI on the specifications of cheque processing system, the bank had to put in place a system that met these specifications. DSCB chose to implement a system based on VSoft’s solution for image-based cheque processing across 40 of its branches.

With the implementation of automated cheque processing at DSCB, customers can do cheque transactions on the same day and get the amount credited to their account the next day, as compared to the traditional practice, where the entire cycle would take around 4-5 days.