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Cheque Truncation Mechanism Using Blockchain
Author(s): Venkat Reddy Kumbam (Vignana Bharathi Institute of Technology, India), K. Kalaivani (Vignana Bharathi Institute of Technology, India)and M. Balakrishna (Vignana Bharathi Institute of Technology, India)
Copyright: 2024
Pages: 11
EISBN13: 9798369330869
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Abstract
Cheque truncation system (CTS) is an image-based cheque-clearing framework. The semi-manual process has certain limitations and takes up to three working days to clear an inter-bank national cheque. Faced with the limitations of this system, cheque users and commercial banks need an efficient and secure system which can clear a cheque within less than 24 hours along with providing integrity and confidentiality to the system. All banks intending towards participating in this framework must connect towards the proposed blockchain-based system. A comprehensive framework among four primary phases—(1) paper check clearing process, (2) digital check issuing and clearing process, (3) check fraud detection process, and (4) check transaction security procedure—was presented as a solution.
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