IBM and Yojna spearhead electronic cheque processing in India

ôe-transformationö could unleash extra liquidity in financial system.

In many Asian countries the cheque has never really taken off as a payment instrument. But India is one country in the region where the cash or cheque query still often comes at the close of a sale. As a result, millions of cheques are processed each day in Indias large metropolitan centres.

In an age where most other things are going electronic, dealing with so many small rectangles of paper can be quite time consuming for banks. But as long as cheques remain popular, ways of dealing with them more efficiently are needed. IBM and US-based financial software firm Yojna have been using technology to target this need for US institutions...

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