Cheque Processing Services
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Cheque Processing Services Industry Benchmarks
The average annual savings achieved in Cheque Processing Services category is 6.20%
The industry average payment terms in Cheque Processing Services category for the current quarter is 63.8 days
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Cheque Processing Services market report transcript
Cheque Processing Services Market Outlook:
The highest adoption rate of cheque processing is in Asia Pacific, and particularly, in countries, like India, China, Malaysia
Due to COVID-19’s impact, most of the clients have transacted through digital banking, and so, it has reduced the usage of cheques. These side effects are slightly offset by the use of Cheque Truncation System (CTS) and Cheque Imaging Services, which offers contactless and quick transactions.
Supply Market Outlook
It has been observed that cheque processing as a mode of payment is considered obsolete in North America and Europe
The highest adaption rate of cheque processing is in Asia Pacific and particularly in countries, like India, China, Malaysia and middle eastern countries but are being phased out in countries like Australia and New Zealand.
Market Monitoring: Cheque Processing
Banks have the option of truncating the cheque at the branch or the service branch or outsourcing the process completely.
Investments required to implement cheque truncation can be divided into two areas:
Hardware: Investment in scanners, based on the truncation model chosen by bank. Interestingly, most banks will have an existing scanner and may be able to extend its usage
Software: Applications required for integration into the bank’s core banking system and implementation of the cheque truncation software. These costs will form the major chunk of the overall investment required and will be costlier than the hardware costs
Procurement Centric Five Forces Analysis: Developed Markets
(North America and Canada)
- It has been observed that supplier power of cheque processing providers in the developed markets is medium, as cheque processing as a payment method is becoming obsolete
Barriers to New Entrants
It has been observed that barriers to new entrants is relatively higher, as the cheque processing regulation changes from time to time
New entrants are not willing to enter the cheque processing market, as the adaption rate of cheque processing is decreasing in the developed markets
Intensity of Rivalry
- Intensity of rivalry is relatively higher in the developed markets, as there are many major providers have into the cheque processing space
Threat of Substitutes
Threat of substitutes are high in the developed markets, as there are many alternate payment options that poses a threat to cheque processing systems and the adaption of other digital payments are relatively higher in the developed markets
- It has been observed that buyer power is relatively higher, as cheque processing adaption level is relatively lower in the developed regions and suppliers offer rebates in processing cheques
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