Inward Cheque Clearing Process

Inward Cheque Clearing Process The paperless environment has evolved and booming now. Nowadays, financial institutions constantly enhance the choice of the products and services to win the customer. Furthermore, this is the era where banks strive to become excellent service provider by exceeding customers expectation. With electronic documents allow a company to save time, increasing efficiency and providing excellent customer service. Hence, imaging technologies gives the required platform that needed to achieve this competitive edge. Check clearing process in Malaysia has evolved from paper pushing to paperless. Day by day, customer deposit and issue out checks. Despite many payment methods available in Malaysia such as Internet banking, mobile banking, Interbank GIRO, Rentas (Real Time Fund Transfer System) and others, check instrument remains an important payment method used in Malaysia. According to the statistic from Bank Negara Malaysia (Malaysian Central Bank), it is evident that check payment is the most preferred payment method now and in times to come. Although there is sign of decline from year 2007 onwards which is due to an emergence of electronic banking, but cheque will remain high as the funds movement exceeded trillion. As such, BNM has implemented Cheque Truncation and Cheque Conversion (CTCS) process on 16th June 2008 where all espick participants duly implemented and in operation since then. Manual Processing Image-based cheque clearing process, replaces the physical cheque flow with electronic data and image flow throughout the clearing cycle. The process eliminates the movement of the physical cheque from various intermediary levels in the clearing process and hence, reduces the delays in the clearing process. Ideally, the movement of the physical cheque should stop at the bank/branch of first deposit (The collecting bank branch). This, in return, increases operational efficiency through expedient payment and receipt of funds, reduces the operational cost through the reduction or redeployment of redundant resources used for handling cash and cheques, and expedites the clearing process in the industry. Due to CTCS introduction, the physical cheques will be kept by the collecting bank after their images and MICR ( Magnetic Ink Character Recognition(MICR) code line data have been captured and the readability verified. To ensure the quality of images that have captured, cheques will be required to adhere to image friendly design standards and specifications. Electronic imaging places new requirement on the overall design of cheques so that they are readily legible when viewing their images, rather than the physical cheque itself. The design standard has to ensure that all essential information, including hand-written data and machine-printed date, will be captured by the imaging process. The captured images will be usable and legible, and that the file sizes of images will be small enough so that they can be stored and moved in a cost justified manner. Furthermore, check truncation has been implemented in many countries like US, Singapore, Sri Lanka and Hong Kong. Due to banking secrecy, the name of the bank that will be used in this report is Kaybank Berhad. This is an international bank with 11 branches in Malaysia which is mostly in urban and semi urban area. Hence, this bank has huge customer base including consumer and corporate business. There are 4 types of processes for cheque clearing Inward Cheque Clearing Kaybank cheques Outward Returned Cheque Clearing Kaybank cheques that need to be returned due technical error, stop payment or insufficient funds Outward Cheque Clearing Other banks cheques deposited at Kaybank Inward Returned Other banks returned check due to technical error, stop payment or insufficient funds The author will discuss about the Inward Clearing process in this report as it is an important process and high in volume. There is cut off time to complete the process within BNM clearing window (1.00pm) daily. And resources required to perform this task is high. Attached is the process of Cheque Clearing for the industry. Process Flow of Cheque Clearing Source : www.myclear.org.my To elaborate further on this process, if a customer deposited a Kaybank Cheque of RM 20,000.00 into his/her account at Citibank, the image and the data of the check will be transmitted to Myclear (Subsidiary of Bank Negara Malaysia) via a gateaway system (NWI). Base on the MICR data, the said account will be debited of RM 20,000.00 and the funds will be credited to customers account with Kaybank. In this case, the collecting bank will be Citibank and the paying bank will be Kaybank. The turnaround time for the availability of funds is 2 days. Process Map for Inward Clearing process at Kaybank Image Verify Approve Data transfer to Check verification System Download of Inward file from Myclear Upload of espick data to Kaybank system Reject the image Yes No Second level checking Yes No Reversal of customers account Upload Returned file to Myclear Performance Objectives Kaybanks key strategy is to grow their Consumer business and Corporate business. The consumer business division continuously invests in new products and service innovations to increase its presence in Malaysia and to expand its private banking segment. However, its Corporate business has a core group of customers to which Kaybank leverages global presence to provide excellent quality financial products and services. However, both businesses have continues to improve the customer experience. It has also improves operational efficiency by constant reengineering programs. The main objective of Cheque Clearing Unit is to support both businesses by delivering excellence service to the customers by managing their Current Accounts with error free and to manage operational cost effectively. By shifting to CTCS process, Kaybank has improved the performance objectives of operation in clearing process as follows; Dependability Banks are losing million of money due to fraud cheque. With CTCS process, banks reduced the losses tremendously as the liability to pay in the event of fraud check has been shifted to collecting bank. The collecting bank has to check under the Ultra Violet and the security features on the check and tag the item if it is fraud to preempt the paying bank. System is controlled by Myclear and quarterly testing been conducted to ensure no vulnerability of the system. Continuity of business plan has been established in the event there is a crisis due to network issues or others. Automation where cheques been automatically debited by the system instead of manual posting. Straight through processing been achieved where no manual invention is required. Reduced customers complaint on missing cheques when mailing out as it could be lost in transit. Now, with image base returned item, customer cant use back the same cheque for representment. Data file will be encrypted before sending files to respective branches or clearing house. High security features established and files sent or received would not be compromised. Better reconciliation and fraud prevention Speed Customers are happy as float days of cheque was reduced from 8 days to 2days. And house check payment is given an immediate credit. Under the manual environment staff needs to perform 500 physical cheques verification for 5 hours but with CTCS each staff can perform 750 checks in 4 hours. Customers complaints will be resolved within a day as under the manual environment it takes 3 days. Staff productivity increased and performing multi tasking. Cost Staff overtime has been reduced tremendously and having quality time with their family. Manual process requires 12 working hours for each staff compare to just 8 hours now. Calculation of saving are as follows: Cost saving on Overtime = 30 Staff x 4 hours = 120 hours a days x 23 days = 1760 x 22.50 per hour = RM 39,600.00 per month Hence, for month the bank has saved an approximately RM 39,600.00 in overtime due to CTCS process. Cost of purchasing the system is only one time and maintenance and licensing rental is lower compare to physical cheques management. Staff transport claims and meal allowances were reduced to none as theay are not required to work long hours anymore. No shipment of cheques to Clearing House is required now due to transmission of data. There are 30 staff been employed previously to manage inward clearing volume of 40, 000 daily but now only required 18 staff. The other 12 staffs were redeployed. Retention period of cheque is only a year under CTCS as compare to 7 years previously. Daily a total of 40,000 cheques processed daily and requires 10 boxes to place the cheques. The saving calculation is as follows; = 10 boxes x 23 working days = 230 boxes x 2.50 monthly storage per box = RM 575.00 x 12 (months) x 6 (Years) = RM 41,400.00 Hence, for month the bank has saved an approximately RM 41,400.00 due to CTCS process. Flexibility Maintain Audit Log where it monitors the user details and accessibility Prepares or generate MIS report for volume tracking and for departmental budget planning. It is also a core banking system online approach to upload or download data or batches. Interfaces with internal and external system like signature verification system, Cheque deposit Machines and clearing house. It has provided centralized cheques clearing processing and supporting branches from Penang and Johor Bahru where previously under difference clearing zone. Quality Customers are happy with the service as their cheques are now safe from fraudsters. Inward Clearing process is simple and the staff can perform multi function and deliver good quality of work as they are not required to work long hours. Each transaction under CTCS is controlled by Unique Identifier Code (UIC) which is a unique reference number printed on the back of the cheque by the collecting bank and it will make the retrieval for investigation ad presenting of unpaid items are easier. Better controls established due to simplified process and enhancement and will not lead to financial losses or customer issues. Cheque Verification System Kaybank has invested in a E-flow system for check verification. This system is supported by in house Technology team. Once Inward Clearing data downloaded from the Gateaway system, it will be downloaded to the E-flow system for verification. Each workstation will have a single Central Processing Unit (CPU) and 2 monitors. One to view the image and the other monitor is to display the signature. There are 7 types of cheques processed and each will have a different process and approach. Hence, images and MICR data downloaded to E-flow system and will get sorted and channel to the respective station. For control purpose, the main function for this system is display the image for verification purpose and reconciliation. Kaybank has also emphasized on second level verification for certain threshold to avoid any mistake done by the first level verifiers. However, there are some flaws in this system as follows; The system has limited products. As of now, the system was designed to cater 7 products and if there is an additional product in the market and Kaybank wanted to implement it, there will be an issue. It may mix up with other products. If a particular product it to be ceased, then the station will be remain there. For example, Credit Card cheque has been stopped by Kaybank due fraud vulnerability since Septemeber 2010. The station is there and it cant be removed as it would involve cost. Any changes or addition into this system involve cost and it is expensive. Tagging of checks as altered by the collecting bank is subject to readability of the person who verify the said cheque. Hence, the CTCS ruling astablised by myclear is unclear. As it is subjected to apparent alteration sight by the processor. In the event, the cheque has been washed and altered and the alteration on the check is not apparent, then the collecting bank is not liable for the losses. In turn, it will be shifted to the paying bank to pay the losses. This rule in unclear and it is not good for the industry. Inward Clearing Volumes from January 2010 till October 2010 Source : Internal MIS for Inward Clearing Transactions Emerging Technologies On the other hand, cheque fraud costs Malaysia millions of losses a year and presents severe challenges to the industry. Hence, a better system needs to be deployed for the effectiveness of the current process. Payee Match Positive Pay Application technology has already started in U.S as it was developed by Parascript, LLC, Niwot, Colorado, U.S. The main objective of this system is to combat cheque fraud. The system is designed to read a cheques payee line information and cross validate the data provided to the bank by the customer via Cheque Issue File. This system assures accuracy and significant reduction of check fraud. Furthermore, with if this system should be implemented, funds can be made available in T + 1 (One day Clearing). If the adoption of this technology is feasible, then they will be no impact to the process as it works the same and the only difference is the system. Referring to the projected volume, for product like Paylink, Manager Check, Payment Order and to some extent corporate customers the verification can be automated. Since companies update Kaybank with their list of the cheques issued out the beneficiary, this system can perform auto match and approved the transaction without manual intervention. The system could be expensive but in long them, there will be no fraud cheque . Genichi Taguchi (Nigel Slack, Operation Management), has highlighted to test the robustness of a design to ensure it withstands any change. However, in this case the changes only affect the system as all verifiers need to verify some number of cheques daily. The terminal is stationed at their respective workstation. Hence, there is no impact on the job design, layout and flow or operations. Although, the volume will decrease to some extent as with current capacity, staff may need to verify cheque lesser. On the other hand, with the implementation of new system, staff has to be trained and they could be error prone as this will be totally a new system. Recommendation With regards to the system enhancement, Myclear as a regulator should take the lead and supervise clearing process. Internally, Kaybank may able to deploy a good system but Positive Pay system is very new and extremely expensive where a single bank will hesitate to buy the system. However, with the involvement of Myclear and all member banks, all should share the cost to bring the system to Malaysia to develop together. With this, the cost will be cheaper and can be affordable and all the intermediaries will have a common platform to work with. Conclusion Although, the current system deployed by Kaybank is reliable, there will be no assurance when the fraudster will strike the banking industry with their sophisticated technologies. Hence, BNM, Myclear, ABN (Association of Banks) and member banks must pursue other alternative to prevent fraud attempt by the fraudsters sooner. The Police too have to amend laws to draft severe punishment to nab the fraudster.

Principles Fundamentals Of Marketing Essay

Evolution of the concept of modern marketing The concept of marketing has been present for centuries. However, the concept of modern marketing was established in the late nineteenth and early twentieth centuries. The first concept of modern marketing was based on the idea to sell whatever was being produced with no direct relation to what customer required. There were three assumption on which the concept was based: presence of a ready market to absorb whatever was produced, lower production cost to increase profits and just having very few basic product varieties. This was known as marketing done through product orientation and lasted from 1869 to1930 (Stone, 2001, p. 11). The above concept of marketing meant mass-product of products at low costs, which meant surplus of unsold goods, which led to the failure of the theory. Supply had outstripped demand and there was competition among competitors. Hence, at this stage, the demand needed to be tailored to the supply and also the customers needed to be persuaded that their product was better than the competitors. This was the phase when marketing was done via sales orientation and lasted from 1930-1960 (Stone, 2001, p. 11). Many of the sales tactics employed by sales people were dubious and in some cases totally dishonest. This led to customers getting put off by the tactics and led to huge losses for companies. At this stage the companies started recognizing customers as kings and the products started being tailor made for the customers, with much variety. Market segmentation too began at this stage to differentiate between product varieties. A lot of emphasis was put on innovative selling, social responsibility among companies. This is the marketing oriented concept and started from 1960 till the late 1990 (Applbaum, 2004, p. 203). While the concept still works, rapid globalization starting in the 1990s has ensured that the market size cannot be increased beyond a certain stage, and hence many of the companies have started looking at creating demand and satisfying them. This is the latest trend along with the marketing concept and the future belongs to controlling markets by creation of demand among potential customers (Applbaum, 2004, p. 203). Identification of markets The process of marketing commences with the identification of possible markets for the product, and culminates when the customers are satisfied with the products and services provided by the company. The whole idea behind identification of target markets is to find groups of people who consider that purchasing goods or services from the company would bring them benefit or value. Identification of market involves market segmentation, which is to find groups of people with similar wants and needs, so that products can be designed tailoring to the needs of these segments. The segments can be distributed based on gender, age, family size, geographical distribution etc. Target markets should be clearly identifiable and should consist of people who are able to buy the products if they are happy with the idea of possessing it (Weitz, Wensley, 2002, p. 3). Design of products to meet wants & needs Any marketing oriented company views customers as rational human beings having needs that apply universally to all human beings, and wants that consists of values that are rationally optional i.e. their tastes and preferences are logical and necessary for them, but not necessary to all the other human beings. A marketing oriented company then identifies the requirements of customers and designs its products suiting to the needs and wants of the people. In many cases the customers themselves are not aware of these requirements, the company designs a products and then markets them highlighting the requirements their product would fulfill thus creating a demand. Companies require the identification of needs and wants, to identify target markets, perform correct market segmentation, customize the products and sell it to people (Peter, Donnelley, 2002, p. 110). Pricing strategies Pricing is perhaps one of the most important decisions taken by marketing mix elements. This part of the marketing strategy decides organization’s profits, revenues and also to a very large extent competitiveness. Pricing strategies must be consistent with the organization’s marketing objectives and can result in prices that are high, low or neutral as compared to the competitors’ prices. Many companies use a range of pricing strategies which reflects the differences in the product portfolio, and are aimed to generate profits as well as satisfy the customers. Usually pricing of a new product in the market is complex, because everything is based on perceived values for the customers, and the estimates are mostly speculative (Cooper, Argyris, 1998, p. 506) Distribution structures & systems, promotional activities Distribution system ensures that the products reach the end customers with unnecessary delay. Efficient distribution system is directly related to the performance of a company in the market. Distribution channel consists of a combination of institutions through which a seller markets its product to the ultimate customer. Not all companies however have distribution channels, a classic example of which is Dell. However, majority of the large company consider distribution channels as efficient means to transfer the goods to the customers. Following are the elements of major marketing intermediaries or the components of a distribution channel: Middlemen and merchant middlemen, agents, wholesales, retailers, brokers, manufacturers agents and distributors (Peter, Donnelley, 2002, p. 157). While distribution channels facilitate the product reach to the customers, the promotional activities are done to make sure that the customer is aware of the product’s existence in the market. In the present times, this activity is very important due to the multiple sellers available for each product. Many of the company put up promotional offers to make the customers try out their products. Advertising is one of the most important type of promotional activity. In addition to this, many companies also tie up with existing facilities and sponsorship events to promote their products and services (Peter, Donnelley, 2002, p. 132). The evaluation of the marketing effort The evaluation aspect of marketing management involves making carefully judged objectives and media selection and measuring results against pre-determined goals. This activity is important because advertising, promotion and distribution channels are the costs which the company incurs at the time of marketing a product, and the efficiency of the methods would help in determining the effectiveness of these links of marketing management. This process is done through marketing research where the performance of the overall marketing systems is evaluated. It can be done by a third party or by organizing polls by the company or even by calling customers to ask their opinions (Varey, 2002, p. 316) Marketing problem identification Marketing problem identification is the first and foremost step of the marketing research process. The necessity of identification of a problem is very important. Unnecessary broadening or narrowing the scope of marketing problem leads to a waste of efforts and money spent. There must be consensus between the marketing managers and researchers about the specific nature of the problem (Majumdar, 1991, p. 11) Sources of secondary data Secondary data is defined as the data collected earlier for a purpose other than the one currently being pursued. In fact by definition any data, which is available prior to the commencement of marketing research, is secondary data. The key advantage of such data is the low cost and less time required for obtaining the data. It can also give insights to a situation, which may be exploited at a later stage. Care should however be taken to ensure that the data is not obsolete with reference to the problem being studied, and is also relevant (Majumdar, 1991, p. 42) One of the most important sources of secondary data are the government reports. In addition there are many research companies like A.C. Neilson and Co., Arbitron Co. IMS International, and Information Resources International who provide such data. Finally trade groups such as American Medical Association, National Association of Retail Dealers of America, or business publication like Million-dollar Directory and the Encyclopedia of Associations also provide useful secondary data that can be used by companies (Peter, Donnelley, 2002, p. 132). Sampling The sampling process consists of determining the target population on which the research is to be done related to the marketing problem. This target population would determine which elements should be present or not present in the research. Sampling unit is used as a basic unit to select elements from a target population. The next step is to select the sampling frame, which represents the samples from the target population. The perfect sampling frame is one in which every element of the target population is represented only once, and no elements are excluded or repeated. After this comes the sampling techniques which can be of many types like probability and non-probability sampling techniques, single unit and cluster sampling, un-stratified and stratified sampling, equal unit probability and unequal probability sampling, and single stage and multi stage sampling methods. Next step after this is selecting the sample size, which is an important criterion defining the accuracy of the research, but is always constrained by availability of target population and budget for research. This should be balanced to get the most accurate results within a target population. Finally the sampling process is executed by starting out to collect data from the target population (Cant, p.94) Experimentation In experimental research, the researcher manipulates an independent variable and measures its effect. This is done so as to understand the importance of a particular parameter on the target population, which serves to better understand the needs of the population. Experimentation is also used when the relation between variables is required to be measured. Many issues need to be researched while conducting an experimental research like setting up the environment, selection and measurement of dependent variable, the selection and assignment of test units, and control over extraneous and other variables (Cant, 2002, p.94) Data collection, analysis & report presentation After the data is taken from primary or secondary resources, it needs to be collected. The collection process is qualitative or quantitative in nature based on the type of information required. The data collected is analyzed using various techniques, which differ, from the type of source of data being used: primary or secondary. At the end a research report is prepared.   The report should contain the detailed information research process, which was used while conducting the study. The research report should also consist of the reason for the research to take place, give a brief problem statement and define primary and secondary objectives of research. In addition, the report should have the sources of information clearly mentioned. The next part of the report is where the researchers mention their finding, clearly defining the limitations and assumptions taken while conducting the data. The researchers many times include comprehensive tables and graphs to illustrate their findings. Finally based on the data and analysis the research the report gives conclusions and recommendations about the finding and many times also give the possible solutions of the problem. At the time of presentation an oral explanation is always preferred where the concerned parties can discuss and debate about the various finding and conclusions (Cant, 2002, p. 52).                                                                                                                                                 References Applbaum K, (2004), â€Å"The Marketing Era: From Professional Practice to Global   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Provisioning†, Roultedge, Published: New York Cant MN (2002), â€Å"Marketing Research†, New Africa Books, Published: South Africa Cooper CL, Argyris C, (1998), â€Å"The Concise Blackwell Encyclopedia of Management†, Blackwell Publishing. Majumdar R, (1991), â€Å"Marketing Management: Text Applications and Case Studies†, New Age Publishers, Published: New Delhi Peter JP, Donnelley JH, (2002), â€Å"A Preface to Marketing Management†, McGraw-Hill Professional, Published: New York Stone P, (2001), â€Å"Make Marketing Work for You: Boost Your Profits With Proven Marketing Techniques†, How to Books Ltd, Published: Oxford Varey RJ, (2002), â€Å"Marketing Communication: Principles and Practice†, Roultedge, Published: New York Weitz BA, Wensley R, (2002), â€Å"Handbook of Marketing†, SAGE, Published: California

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Commonly Confused Words Hole and Whole

The words hole and whole  are  homophones: they sound alike but have different meanings. Definitions The noun hole refers to an opening, a hollow place, a defect, or a dingy place. The adjective whole means entire, complete, or unbroken. As a noun, whole means an entire amount or a thing complete in itself. Examples The puppy tore a hole in the screen door and escaped.And Ill never forget the grim look on his facewhen he heisted himself and took leave of this place,through a hole in the smog, without leaving a trace.(Dr. Seuss, The Lorax. Random House, 1971)In her letters to her parents she had never complained.  She wrote only that she was getting along splendidly and living in her own home, although in reality she lived in a hole in a cellar, earned her living by taking in washing, and collected scraps of wood at the workshop for fuel.(Da Chen, The Sword. HarperCollins, 2008)The apartment was spacious and bright, with a view all the way downtown along the East Side. . . .  Zoe could work her  whole life and never have an apartment like this.(Lorrie Moore, Youre Ugly, Too. The New Yorker, 1990)She did not believe in a modern-day  economy, in which everyone played a part in a large and complex whole that introduced efficiencies that at least theoretically raised everyones standard of liv ing.(Gish Jen, Birthmates. Ploughshares, 1995)[Gabe] Paul leaned back with a mild smile. Reggie, he said, dont look at the hole in the doughnut. Look at the doughnut as a whole.(Roger Kahn, October Men. Harcourt, 2003) Idiom Alert Full of HolesThe expression full of holes refers, metaphorically, to an explanation, argument, or plan that is incomplete or has many flaws.Bras were never burned at the 1968 Miss America protest, but that the image persists shows how full of holes our knowledge is of the Womens Liberation Movement.(Jennifer Lee, Feminism Has a Bra-Burning Myth Problem. Time, June 12, 2014)Hole UpThe phrasal verb hole up means to hide or take shelter somewhere.She had expected that Uncle Carl would move home from the nuthouse and  hole up in the  attic, the only hints of his presence being occasional spooky footsteps on the floorboards overhead.(Paulette Livers, Cementville. Counterpoint, 2014) Practice (a) Somehow the drapes caught fire and soon the _____ place went up in flames.(b) Tim stared into the _____, and from its depths two blazing eyes stared back.(c) There were only three bullies in the _____ school, but they could make life miserable for you.(d) I was relieved to have the _____ afternoon to myself. Answers (a) Somehow the drapes caught fire and soon the whole place went up in flames.(b) Tim stared into the hole, and from its depths two blazing eyes stared back.(c) There were only three bullies in the whole school, but they could make life miserable for you.(d) I was relieved to have the whole afternoon to myself.