Cheque Processing Services Market Intelligence

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  • PRO access to New Beroe LiVE*
  • Unlimited updates on the Report*
  • Supplier Watchlist for 3 suppliers*
  • Supplier Shortlisting Tool*

With this purchase you will be subscribed for a 12-month PRO membership to the upcoming all new Beroe LiVE (launching in Q3, 2020)

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*These features will be unlocked on the new Beroe LiVE when it launches (Q3, 2020)

Are you looking for answers on Cheque Processing Services category?

Are you looking for answers on Cheque Processing Services category?

  • What are the key trends in Cheque Processing Services category?
  • Am I paying the right price?
  • Am I working with the right supplier?
  • What are the major challenges and risks in Cheque Processing Services industry?
  • How is Cheque Processing Services industry performing?

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Report Coverage

  • Market Analysis
  • Service Capability Checklist
  • PESTL- Regional Analysis
  • Cost Drivers

 

Table of Contents

  1. Executive Summary
  2. Executive Summary
  3. COVID 19 Impact
  1. Market Analysis
  2. Market Analysis – Cheque Processing
  1. Regional Analysis
  2. North America
  3. LATAM
  4. Europe
  5. Asia Pacific
  1. Country Analysis
  2. US
  3. Canada
  4. Singapore
  5. France
  6. Hong Kong
  7. UAE
  1. Service Capability Check List
  2. Service Capability Check List

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Cheque Processing Services Market Outlook:

  • Banks have the option of truncating the cheque at the branch or the service branch or outsourcing the process completely.
  • Cheques from various locations can be collected at a central location for imaging. The images can then be sent to the MICR center.
  • Banks with the existing core banking system will reduce its investment costs

Advantages and Disadvantages

  • All debits and credits to the accounts can be done from a central place, and burden on individual branches can be reduced

COVID Impact

  • It has been observed that as the pandemic advances, some branches/offices may need to close temporarily, or employees may not want to come in to work, which might impact cheque deposit and clearing
  • Due to the COVID 19 impact, clients are mostly transacting through digital banking, and so, it reduces the usage of cheques
  • As the pandemic advances, most of the branches/offices have been closed temporarily or bank employees might not come in to work
  • Due to the closure of bank branches, the inward and outward clearing have reduced drastically, and customers are switching over to other modes of payments
  • As the adoption rate of digital banking has increased drastically, the need for physical clearing of cheques might reduce rapidly
  • Globally, the cheque validity period might differ drastically, due to the pandemic situation, and the clearing house will have logistic problem to clear cheques within Stipulated time

PESTL-Regional Analysis

  • North American countries face a slow decline in cheque usage, due to payment innovation. Stable economy and strong legal protection, coupled
    with CTS launch, have slowed down the decline in cheque volume.
  • High regulation, coupled with significant political risk associated with cheque usage, has discouraged several international banks from offering the
    service in the Middle East. Despite technological advancements, the market is dominated by local player.
  • Growth in the cheque market is uneven in the APAC region. Cheques are well established in countries, like India and China, albeit with a declining
    volume. While countries with Indonesia and Taiwan have not caught up with the imaging advancements.
  • France has the highest usage of cheques among the EU nations, and this is expected to continue in the next three years, due to favorable
    environment.

Service Capability Checklist

  • Banks will need to provide for scanning of cheques upon receival from customer in several countries. Large global suppliers might offer these services in the developed geographies, such as the US, Canada, and France.
  • Outward clearing is done by the Cheque Truncation Service (CTS) provider, but banks might need to perform an initial capturing of data in
    countries, where suppliers do not offer these service.
  • Cheque Truncation Service Providers, who offer inward and outward clearing services, need to be engaged.

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