Extr@i's diverse
functionality includes the tools to assist with
the clearance of cheques and EFT
transactions.
In order to produce a cheque or process an
EFT transaction Extr@i draws information from the
company's internal systems. The enterprise issues
a cheque or makes an EFT payment to a creditor via
Extr@i The system formats raw printed data or
electronic format data and outputs it either as an
EFT transaction required by Banking institutions
or prints a cheque on special blank or pre-printed
cheque paper. The cheque fail-safe / fraud
deterrent is in the form of a Encrypted
Pre-defined Format (PDF) image encoded onto the
cheque. This Encrypted PDF image contains
information about the Payee, Cheque amount and
Cheque number, or any other information, as
required or specified by the user.
The cheque, drawn against the enterprise's bank
(Bank "A") is deposited by the creditor into
his/her account at Bank "B". Bank "B" then
forwards the cheque to the Automatic Clearing
Bureau (ACB) who does inter-bank clearances and
forwards the cheque to the enterprise's Bank. The
enterprise's bank then verifies the cheque
signatory, authority and forwards the physical
cheque back to the company. At the company Extr@i
decrypts the encrypted PDF image and verifies the
cheque details against the details on the cheque
and the transaction details in the Extr@i
database. Should there be any discrepancies,
Extr@i will automatically detect it and report it
to the appropriate person. The enterprise can then
notify the bank and the relevant
authorities
Fraud
Deterrence With Extr@i the enterprise, creditor and
the bank are protected along the processing cycle
against potential fraudulent activities. The
potential for fraud without the system is obvious
and prevalent.
At the enterprise-creditor interaction level,
if for example the cheque is intercepted by a
third party, he/she may alter the Payee or Amount
details and defraud both parties. At the ACB-Bank
level, an employee of either may alter the cheque
details, cash the cheque and then process the
cheque leaving little trace of the fraudulent
activity.
All parties are protected at the enterprise
level with Extr@i. The enterprise has an accurate,
precise and speedy method of verifying and then
accepting or rejecting payments
