Handling physical cheques especially for payments with large amounts is a challenging and time consuming process. To address prevailing challenges for paper cheques and to provide convenience to the clients, NIFT ePay has introduced an eCheque service. eCheques are digitally signed by the payer and certified by Payer’s bank. Digital channels are utilized for issuance, transmission and presentation of eCheques. Also, bulk issuance and presentment is supported via this facility.
Due to digital nature of eCheques, clearing and settlement cycles are quicker compared to paper cheques. eCheques also offer digital record keeping for effective referencing. With the help of centralized eCheque management and presentment, some issues such as duplicate presentment can also be avoided using eCheques.
You can streamline your business financial transactions by our quick, easy to manage and secured eCheques services.
In contrast to conventional physical cheque system, eCheque process is smooth to meet the quick and secured payment requirements of our clients.
With eCheque facility, registration can be easily done and services such as issuance of eCheque book, issuance and presentment of eCheques are digitized. Cheque generation and issuance can be undertaken either through bank’s digital channels or NIFT eCheque Portal/app – key details are saved for future reference. Additionally, post-dated eCheques are also supported.
The transmission is simple – directly from originating channel to Payee’s email or WhatsApp or through any digital channel using a secure pdf file which can be downloaded. Payer can also present on behalf of Payee via supported channels subject to Payee’s confirmation. The clearing and settlement actions are performed by NIFT aligned with the final instructions given by the bank.