Public Funding for Checkprint Limited

The Small Business, Enterprise and Employment Bill introduced ‘cheque imaging’ to accelerate the cheque clearing cycle from 6 to 2 working days. Expected to be implemented by the end of 2016, the resultant technology shift in cheque deposit systems, requires both banks and businesses to implement new imaging technology. In order to take advantage of this legislation cheque imaging hardware and software will need to be introduced into the UK. Whilst cheque imaging is used globally, the uniqueness of the ‘UV signatures’ on UK drawn cheques means that there is currently no solution, which plugs cheque image files into a central electronic clearing system in the UK. Checkprint’s innovative solution “ChequeMate” – a remote image scanning deposit and branch counter based cheque clearing system, which reads and identifies fraudulent alterations to the ‘UV signature” will provide corporates, SMEs, and banking institutions with a variety of flexible options using imaging hardware/software which will maximise the advantage of the accelerated cheque clearance cycle, provide searchable electronic archiving, more efficient processing/reconciliation and robust fraud protection. Banks, building societies and Post Offices (POs) will benefit as the cheque clearing system will become more efficient and cost effective to operate. However, businesses that rely on cheques for payment, and banks, building societies and POs will need to completely change their business processes and cheque handling procedures in order to meet the requirements of the legislation and secure competitive advantages. Checkprint has marketed “Checkprint banking Assistant” – a cheque scanning, archiving and reconciliation solution for over 6 years and have established ourselves as market leaders with > 100 customers. Our development of ChequeMate is an innovative extension of our current solution.