Image InfoSystems Private Limited: Redefining Cheque Truncation

Mohan Das P, Image InfoSystems Private LimitedMohan Das P
In 2008, when India began with Cheque Truncation (CTS) initiatives, Indian banks, with no experience on CTS, preferred to go for established products from international markets. Hence, Indian product vendors, like Image InfoSystems, got few opportunities.

In 2011, the Reserve Bank of India (RBI) and National Payments Corporation of India (NPCI) along with a steering committee selected Express Cheque Clearing System (ECCS) from Image InfoSystems – for automation of all the non MICR clearing houses across the country. The solution is now deployed in over 55,000 branches and 1300+ clearing houses, covering all the banks across the country. “We have been supporting that deployment for the past seven years, and our uniqueness lies in the fact that the project has not seen a single escalation to RBI / NPCI in terms of product or support issue,” says Mohan Das P, CEO of Image InfoSystems.

As Banks started maturing with the use of CTS application, they realized the foreign products could not meet the complexities and volumes for India. Change commenced when a Bank with one of the largest volumes of cheques per day ( approx 1,000,000.00 per day) evaluated various products and converged on Image InfoSystems’s flagship product – ExpressClear. “Since the time we came on-board in 2014, this bank has won the award every year for the best cheque truncating bank in the large banks category.”

An outstanding aspect of the company is its licensing model and introduction of innovative adjunct products to enhance automation for Straight Through Processing. This provides Image InfoSystems’s customers a clear roadmap to help in the Bank’s journey towards technology adoption and digitization leading 'Customer Delight'.
"Our approach always ensure humans are involved in decision-making processes, not in trivial and redundant mundane tasks,” says Mohan.

ExpressClear – transaction processing platform is being used by a number of banks across India. Image InfoSystems has managed to replace several competitive products and has the distinct achievement that their product has never been replaced so far.

Our approach always ensure humans are involved in decision-making processes, not in trivial and redundant mundane tasks


The other product line offered by Image InfoSystems are:

ExpressSynalog – Signature Verification engine both rules-based and automated signature verification.

ExpressICR – an Artificial Intelligence based image character recognition engine to read handwritten text.

ExpressACH – an automated clearing house solution ideal for processing repetitive electronic payment instructions.

Adding a silver lining to the company’s comprehensive product suite, Image InfoSystems recently launched mobile-based cheque truncation solution – ICE. This solution captures cheque image on mobile and processes it. “We offer ICE as a hosted model with a subscription fee as well as a SDK allowing banks to integrate the solution to the Bank's mobile apps,” says Mohan.

Image InfoSystems has international installations in Kenya, Tanzania, Philippines and UAE.

Interestingly, Image InfoSystems has also ventured into developing a product for Banks to manage the newly introduced taxation model in India, GST. This solution allows banks to meet GST requirements and extend the same to their corporate customers for a fee. They have also been selected as a GST Suvidha Provider for the GST Network in India. Hence, they are one of the very few who can offer an end user model, an ASP model and also be a GST Suvidha Provider.

They have a proven installation for one of the largest banks in UAE addressing the newly introduced VAT regime.

Mohan envisions a future wherein the company will identify emerging requirements and pain points in the banking industry to build new products. “With constant R&D efforts, we are working to launch new feature rich and future proof products, to address the needs of tomorrow well in advance,” he concludes.
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Top 25 Banking Tech Solution Companies - 2018
Image InfoSystems Private Limited

Company
Image InfoSystems Private Limited

Headquarters
New Delhi, India

Management
Mohan Das P

Description
Offers innovative products for cheque clearing, truncation and automated signature verification for banks

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