0
What is the difference between a truncated cheque and a cheque in electronic form?
Wiki User
∙ 13y ago
A truncated cheque (defined in NI act section 6) as a cheque which is truncated during the course of a clearing cycle either by the clearing house or by the bank (paying or collecting) immediately on generation of electronic image of the cheque, substituting the further movement of the cheque. In such a process,a cheque will be scanned and the electronic image of the cheque instead of the physical cheque will be transmitted in the clearing cycle.
An electronic cheque is a cheque in electronic form as against the usual paper instrument in writing generated, written and signed with the use of digital signature (with or without biometric signature and asymmetric crypto system)
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What is the difference between A current account and a cheque account?
what is difference between a current account and a cheque account
Difference between ordinary cheque and micr cheque?
hfcuyhalj,nx
What is the difference between a crossed cheque and account payee's cheque?
They both mean the same
What is the difference between endorsement and indorsement of a cheque?
None.
What is the meaning of truncated cheques?
The process in which cheque details are captured by the payee bank (or its clearingagent) and electronically presented in an agreed format to the drawee bank (the bank on which it was drawn) for payment. Unlike the more common form of presentment where a cheque is physically presented to the drawee bank, a truncated cheque is stored by the payee bank.
What is the difference between a withdrawal form and a cheque?
you spell it different
What is truncation of cheques?
Cheque truncation (check truncation in American English) is when a physical (paper) cheque is converted into an electronic form for transmission to the paying bank over the internet. This basically avoids having to physically move the cheque between banks, etc.
What is the difference between cheque and check?
The difference is just the spelling. they both mean the same...
You need to know the difference between a bank book and a cheque?
I do know the difference. What is your question?
What is an elv number?
Is this related to an payment? In Germany, an ELV is a kind of electronic cheque.
What is the difference between cheque and voucher?
Cheque is both securities and payment instrument. Voucher is only securities. From securities point of view they are the same and have the same meaning. Cheque has larger scope.
Difference between unpresented check and stale check?
An unpresented cheque is one that hasnt been presented for payment yet. A stale cheque is one that has expired.
