To support the Central Bank of Nigeria’s (CBN’s) cheque truncation policy; Proactive Technologies Limited and Sybrin Systems (Pty) Limited has formed a partnership to deploy Sybrin Automated Cheque Truncation Solution as well as other cost-saving, efficiency-enhancing solutions to Nigerian banks.
Its other solutions include automated front-office image-based voucher processing (cheque truncation), imaging and workflow, mobile banking, document management and statement solutions.
According to the Proactive Technologies’ Chief Executive Officer, Roland Obe, the two firms are at different levels of discussion ranging from negotiation to implementation with several financial institutions to deliver world-class imaging and truncation solutions.
The company listed First Bank of Nigeria Plc, Skye Bank Plc, United Bank for Africa Plc, and a few others as leading the quest for decentralised truncation.
Speaking on the new software service, Obe explained that “Cheque truncation is very new in Nigeria, but not new in other places in the world. But basically, Nigeria is growing. We are catching up by introducing cheque truncation that has attracted several global solution providers.”
He added that “While several companies claim to have expertise in the imaging and truncation technology areas, only very few stand out in Africa and beyond. The strongest of such companies in Africa is Sybrin, which has been in the business for over 21 years, innovating and virtually taking over truncation technology in Africa.”
The cheque truncation policy would aid effective transmission of the CBN’s monetary policy, Obe said.
Sybrin System Sales Manager for Nigeria and Africa, Daniel Parreira also collaborated that the system would help banks in terms of cost-saving, efficiency-enhancing solutions to Nigerian banks.
“Nigeria is a very strategic market for us. We provide payment solutions that would benefit the industry as whole. Not only do we provide cheque truncation solutions, we also provide mobile payment solutions, internet banking solutions, document management solutions, information management and business management solution. We have identified Nigeria as the market for us to push our solutions,” he said.
CBN in August 2007 inaugurated the Payments System Vision 2020 aimed at restoring the payment system. The process commenced with the unveiling of the PSV 2020 strategy document, which benchmarks the Nigerian payments system against global best practice.
A core aspect of the initiatives, apart from e-banking, which include Automated Teller Machines, Point of Sale and other cash-less initiatives, is a significant reduction in the clearing periods for cheques by the banks to T+1.
Sybrin has in the last 20 years established itself as a leading software technology company in the provision of automated cheque truncation and other payment solutions amongst Africa’s leading banks, clearing houses and corporations. Some of its clients include: Barclays Bank; Bankserv (South African Clearing House); Electronic Cheque Clearing House (ECCH), Malawi; Zambia Electronic Clearing House (ZECHL) and Kenya Bankers Association ACH (KBA).
The product would be officially launched in Lagos on January 28th.
