DEPOTEL: Cheque Deposit Processing ATM that Works

As the era of brick and mortar banking services in Nigeria increasingly rescind into oblivion with the introduction of self-service solutions like Automated Teller Machines (ATMs), e-kiosks, telephone, internet and mobile banking, every discerning Nigerian bank desires a solution that would not only enhance current business operations but also offer cost-effective and improved customer service delivery.

To realise this, Nigeria banks are not only deploying cash withdrawal ATMs, they are rolling out self-service and intelligent cash deposit kiosks as well. Some banks have recently deployed cash deposit ATMs. However, one solution that seems to have become very difficult for the banks to crack is the deployment of self-service and intelligent cheque deposit ATMs. Despite several attempts by some banks to introduce this solution, the success rate has been anything but disappointing, largely due to lack of robust back-office automation and solution integration to core banking application. It was this realization and other reasons that have compelled Precise Financial Systems, Africa’s leading financial software development company to commit human and material resources to the development of a self-service cheque deposit and processing ATM, otherwise called DEPOTEL.

DEPOTEL is a suite of state-of-the-art cheque deposit and processing solution through self-service terminals and branch-level cheque clearing capability (cashier sub-system). It offers the best of flexibility both in terms of features, ease of usage, meeting banks’ requirement for customer service delivery, core banking double-entry postings, and cheque clearing processing as well as excellent archival, retrieval system and management information provision.
However, DEPOTEL also automates the acceptance and treatment of cheque transactions made at the kiosk through a straight-through, thorough process of acceptance, treatment and approval. This solution has outstanding features which stands it head above other solutions in the marketplace today. Some of these features are self-service cheque deposit, data input capability, optional keyboard, branch-level cheque clearing solution, possibility of branch level cheque clearing process using the portable desktop cheque scanner at the cashier desk (cashier sub-system).

It also has functionality whereby MICR information and cheque images are captured at the branch level; receipts are automatically generated at terminal points. DEPOTEL automatically generates and prints receipt with the cheque image on it. . The terminal also captures the image of both sides of the cheque and automatically generate Capture File which comes with state-of-the–art software that generates the ECPIX files for outward cheque clearing purposes and straight-through process to banking and NACS systems.

All necessary accounting entries are generated and passed by the system into the banking application. As an auto-generation of caution notices, this enables caution notices to be automatically generated by the application and addressed appropriately with the image of the instrument and repository. This management module ensures auto capture, easy archival and retrieval of cheque images and analytical review of cheque details.

To reassure depositor of the safety of their cheques, DEPOTEL has customer e-mail alert which generates e-mail alert for customer at terminal point and advice during cheque processing. The auto e-mail alert also sends to the back-office lodgment processing. DEPOTEL seamlessly interfaces with the banking application by making enquiries about customer account status. It does this by validating customer information, generating and posting double entries into the banking system.

On the capacity of the solution, DEPOTEL accepts and treats up to 99 cheques in a single customer interaction and this is done in real-time, online, web-based solution that runs on SQL Server database. Its benefits include the promotion of high quality customer service delivery, lodgment of cheques after banking hours, eradication of cheque substitution fraud as it has the capability to capture beneficiary’s details with the MICR information on each transaction as against the batch mode.

It saves time thereby freeing cashier to focus on other customer requirements. It saves man hours required to attend to other customer’s need. It promotes effective workflow for back-office cheque management. It also saves administrative cost in customer care, cheque clearing back-office costs and post encoding costs. It decongests banking halls, saves time and effort in processing outward cheques, enthrones effective cheques lodgment control and monitoring, improves branch-level service delivery among others.

At the public showcase of DEPOTEL, the CEO of Precise Financial Systems, Mr. Yele Okeremi explained as technology continues to advance, there is a need to develop a more proactive approach that will lessen challenges confronting both the banks and their customers. As a result, he noted, DEPOTEL was born in the crucible of that thought. The solution combines software, hardware and infrastructure to provide a scalable and state-of-the-art automation with seamless abilities for absorbing technological and operational growth in the future.

“DEPOTEL is more about the business model on which it is built and the software that drives it. This makes DEPOTEL distinct”. Mr. Okeremi noted the presence of other hardware vendors but insisted that DEPOTEL is the first and only profound solution that provides a “straight-through and complete cheque processes functions right from the front end (i.e. customer self-service interface) up to the branch-level, back-office cheque processing”. DEPOTEL is “Cheque 21” compliant and is also the only self-service cheque deposit solution that boasts of comprehensive local support availability.