Banking and Cheque Archival

Despite widespread adoption of electronic processing initiatives banking remains a highly paper-intensive industry. As most banks are legally required to keep all paper-based documents for a minimum of ten years, most banks have an indisputable need store, archive and retrieve cheques and other documents efficiently and cost effectively. Failure to do so impacts customer service, profitability and compliance.

Arquo solutions are used by banking clients, BPOs, systems integrators, OEMs and specialist cheque processing software providers to perform two distinct functions.

The fastest cheque archival, the lowest total cost of ownership
Arquo delivers high volume cheque archival for distributed and centralised capture environments. Our very high ingestion performance, sub-second retrieval rates and low total cost of ownership can′t be replicated by any of our competitors. Most implementations are complete within just two months, offering the fastest time to value in the marketplace.

The business driver
New regulations that support image-based electronic cheque truncation have opened the door for retail banks to process cheques digitally. Countries like Brazil, the rest of South America and India are poised to achieve massive cost and efficiency savings in transportation, security, cash management and fraud detection. For many other regions like the UK and USA, where digital cheque processing is more established, the need for efficient, cost-effective cheque archival is paramount.

Possible pitfalls
Early supporters of cheque truncation in the USA and other regions addressed cheque archival by implementing multiple instances of document management systems, organised by task or customer. The cost of maintaining these disparate systems was immense; they required sizeable internal IT teams, licensing, hardware and maintenance costs were substantial and the platform became too complex to manage. They learnt from their mistakes and many are now seeking replacement solutions.

The Arquo approach
Best practice approaches have emerged to help retail banks avoid escalating costs and overly complex cheque clearing and archival solutions. Experience shows that a single system that supports the cheque archival process, consolidates all historical cheque data and is legally compliant represents best practice. Such a system is easy to manage, simple to maintain and avoids expenditure on costly infrastructure and licensing. Arquo offers total scalability, eliminating the need to add expensive hardware as volumes increase to a billion documents and beyond.

More than 100 retail banks use Arquo for cheque archival. We understand your requirements and we have vast experience in implementing robust and highly scalable solutions.