Standard Bank of South Africa (SBSA) has awarded National Data Systems (NDS), a member of the Fintech Group, a contract to implement a nation-wide image-based cheque processing Proof of Deposit (POD) solution. The installation will cover 16 sites nation-wide, making this one of the largest installations of its kind in the world. The contract is worth in excess of R170 million over ten years.
Utilising ImageMark Image Capture solutions, from its principal company NCR, NDS will not only supply the hardware and software components of this installation, but will also provide the development, service and support infrastructure throughout the contract period. Certain components of the software will be tailored and customised to suit local South African banking clearing conditions.
The initial roll-out of this extensive process will continue over a three-year period. Commencing with all the major metropolitan areas throughout South Africa, six of the 16 sites will be completed before the end of August this year, with the first installation due to be completed by 19 April.
Mike Backwell, Standard Bank Deputy General Manager, Operational Services, says that the development is significant as it will enable the bank to provide its customers with a number of value-added services based on the images of cheques. In addition, the new system provides opportunities for process re-engineering and cost containment, as well as the reduction of fraud.
NDS Managing Director, Jack Horton, comments that NDS are delighted to be able to work in partnership with the bank on this major project to convert its cheque processing infrastructure to a world class, leading edge solution. He adds that the deal entails joint teams from NDS and the bank, working together, with a common objective, to complete the transition in very tight time frames.
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