Insite targets two more banks

Thursday August 28, 2008

KUALA LUMPUR: Insite MY Systems Sdn Bhd, a local MSC software vendor, is targeting two more banks to implement its cheque clearing solution, INCHEQS, by year-end.

Sales and marketing director Malik Hashim said it was in talks with two banks on the issue.
He was speaking after the cheque truncation and conversion system (CTCS) phase I sign-off and system handover ceremony with Kuwait Finance House (M) Bhd (KFHM) yesterday.

“INCHEQS was successfully implemented over a 10-month period and has enhanced KFHM’s total inward and outward cheque clearing process.

“Inward clearing is performed on KFHM’s own cheques while outward clearing is carried out on other banks’ cheques deposited at KFHM branches,” he said.

Essentially, the implementation of INCHEQS would facilitate a more efficient and faster cheque clearing process specified under the CTCS exercise by Bank Negara.

“The product will support new e-payment instruments that will be introduced soon,” Malik said.
He said the company had so far implemented its INCHEQS software for nine banks.

The CTCS exercise for Klang Valley was launched on June 13.

“KFHM was one of the few banks to record 100% success in all eight industry tests with Bank Negara. We were able to go live immediately with Bank Negara’s CTCS system called eSPICK,” he said.

http://biz.thestar.com.my/news/story.asp?file=/2008/8/28/business/1899774&sec=business