Karur Vysya Bank (KVB) has chosen IBM as its preferred partner to modernise their clearing systems and subsequently implement Cheque Truncation System (CTS). KVB has gone live in the Image based clearing (a first step in implementing the Cheque Truncation Solution) from IBM in Delhi.

KVB is undertaking an initiative to institute an electronic image-capturing and processing system for faster check clearing. CTS - the new image-based check truncation system - would help capture electronic images of paper checks, subsequently transmitting the record to the Reserve Bank of India clearing house. This would accelerate settlement processes, reduce costs and improve the quality of services.

"CTS is a key initiative from KVB to leverage the benefits of modern technology for enhanced customer experience – ensuring faster services to customers in a highly secure environment", said Shri. S. Nagarajan, chief general manager, Karur Vysya Bank. "To ensure that the benefits of the CTS system are passed on to our customers and to ensure that the existing IT system can effectively manage the huge amount of data generated out of the CTS system, we have decided to modernise the information management strategy at KVB."

To manage the large volumes of confidential data generated by the CTS platform, KVB has implemented the Veracious software from IBM Business Partner Global Software Solutions (TVL) located in Chennai.

In addition to the CTS project, KVB is working with IBM on various projects that include – building the IT infrastructure for the Core Banking and Internet banking and implementing Business intelligence.