The main objective of Cheque Truncation is to enable cheques to be exchanged and cleared on the basis of electronic presentment of cheque images and cheque MICR Codeline data. It provides a number of benefits: faster clearing cycles, faster cheque tracing and cost reduction, the most important one being operational risk reduction through enhanced security and automatic detection of forged instruments.
Our banks are increasingly engaging in cross border transactions and the Bank of Mauritius implemented the IBAN, which provides a secured and transparent means of international fund transfer via Straight Through Processing (STP).