Despite the move towards a cashless society, the prominent role of cheques as a payment method cannot be ignored. To this end, OpenTech would like to offer our secure state-of-the-art web-based SACCO / Microfinance Clearing system that can be used to allow SACCOs & MFIs to scan cheques, capture EFTs and RTGS instruments and transmit and receive the same from the clearing house through their partner banks.
The immediate benefits of implementing this system to the MFIs or SACCOs are:
- Reduced need for paper handling for the EFT and RTGS transactions
- Reduced volume of physical cheques
- Reduced fraud risk, settlement risk and liquidity risk within the payment system as a result of electronic clearing
- Lowered cheque handling costs, improved time frames, and reduced operational expenditure
- Faster clearing, collection and return of cheques and EFTs
- Automated recovery of associated charges.
- Enhanced reports
- Expenses associated with qualifying paper items for returns are reduced