Central Bank of Seychelles selects ProgressSoft for electronic check clearing project

The new solution powered by ProgressSoft will replace the physical transportation and manual clearing sessions taking place at the Central Bank of Seychelles with an electronic exchange of check images between the Central Bank and member banks. The main goal is to replace the traditional clearing process which requires several days with a clearing schedule of same-day value date for deposited checks. The solution will also enable banks to truncate paper checks from the branch level.

Implementation of ProgressSoft’s solution will take place at the Central Bank, followed by all banks in the country, including Barclays Bank, Mauritius Commercial Bank, Bank of Baroda, Habib Bank, Nouvobanq, Seychelles Saving Bank and BMI Offshore Bank.

ProgressSoft focuses on payments and imaging technologies to deliver a set of solutions tailored for the needs of the banking and financial sectors. Serving a diversified client base of 140+ banks in 22 countries around the globe, ProgressSoft delivers solutions in the fields of ACH payments (Automated Clearing House), electronic image-based cheque clearing, intelligent signature verification & recognition and settlement for securities trading.