New Delhi-based Image InfoSystems Private Limited announced the completion of four years of commencement of Express Cheque Clearing System (ECCS) project in India. The ECCS project, which was announced by the Reserve Bank of India in March 2011, specified the automation of non-MICR clearing houses by way of implementation of a new clearing software – ‘ECCS’, an application developed by Image InfoSystems to be rolled out across all non-MICR clearing houses throughout the country. This initiative was led by the State Bank of Indiaand the responsibility for roll-out in all the clearing locations vested with National Payment Corporation of India(NPCI).
“We are pleased to share with you that ECCS, till date, has been rolled out successfully at 1,363 clearing houses across the country and has been individually and separately licensed to 1,135 banks of the country, with an installed base of 51,185 bank branches. ECCS is one of the world’s largest deployments of a cheque clearing and settlement suite and the installed base continues to grow. ECCS processes over one million cheques daily by more than 100,000 users. Through this project, the ambition of automation and standardization of non-MICR clearing houses has been achieved,” said Ms. Archana Kumar, Managing Director, Image InfoSystems Private Limited.
Since March 2011, ECCS has come a long way in modernizing and refining the cheque clearing activities in the country, apart from ensuring a smoother and interoperable payment systems.
“We take this opportunity to thank all the banks and associated teams of State Bank of India and National Payments Corporation of India for their support and cooperation that helped making ECCS an unprecedented success across India,” she further added.
