IPDMS Drafts module is designed to automate the input, balancing,
encoding, storage, network and web retrieval of both qualified and
unqualified draft items in addition to performing Payment and Stop
start process Draft items, a batch is first created by defining
total value and quantity of the items to be scanned.The front & back of each draft is scanned and the
appropriate MICR and OCR information is captured along with the
images. For ‘unqualified drafts’ (drafts where the
account number is unknown), a pixel level pattern analysis (Image
Recognition) of each image is performed.The
image recognition results are then used by the system to determine
the correct account number for each unqualified draft. All
captured images and corresponding information are used to populate
index fields which are then edit/verified to ensure accuracy.The batch is balanced as required and MICR encoding is
added to any un-encoded items.All relevant data and images are archived to the Central
Repository for availability via local or Internet retrieval.
of Issuance checking: The
system is also capable of checking that a legitimate ‘Advise of
Issuance’ (approval to pay a draft item) exists for each draft,
in addition to performing Signature Validation, Stale Dating and
forced visual verification of amounts over a predefined value.Stop payments will be automatically executed for
non-conforming draft items.
Payment Requests: The
Drafts system can receive and execute incoming Stop Payment
Requests for physical drafts items that may or may not yet have
been received in-system.Client’s
issuing stop payment requests can be advised via various message
vehicles whether the stop can be successfully processed or if the
Draft has already been paid.
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