Electronic Cheque Clearing (NCHL-ECC) is an image-based, cost-effective, MICR (Magnetic Ink Character Recognition) cheque processing & settlement solution where an original paper cheque is converted into an image for electronic processing of the financial transactions between participating member Banks/FIs. The physical movement of the cheques are truncated or stopped at the level of the presenting bank in the NCHL-ECC System. The cheque does not physically travel to the clearing house or to the paying branch as it used to do in the manual clearing process, resulting in faster and easier processing of the cheque transactions.
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Customers can present the cheques at the nearest branch of its bank, who will process the transactions using NCHL-ECC.
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