Cheque Truncation Mechanism Using Blockchain

Author:

Kumbam Venkat Reddy1,Kalaivani K.1ORCID,Balakrishna M.1

Affiliation:

1. Vignana Bharathi Institute of Technology, India

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.

Publisher

IGI Global

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