Cheque Payments powered by Blockchain

Smart Cheque

Smart Cheque is Unique, Next-gen solution for today’s paper-based cheques. It is Paperless, Secure, Automated and Easy to use for the customers. Regulators can enforce rules using Smart contracts ensuring automatic compliance.

Smart Cheque

User Journey

There is no registration required for using Smart Cheque. It will be created via Bank’s online channels as a smart contract on Blockchain and must be sent to the beneficiary via email or any other digital channel.

Transaction on Blockchain

The data is securely written on a private Blockchain network of a set of Banks and Central Bank. The data access across the blockchain network is finely controlled with rules defined for data privacy in Smart Contracts.

Why Smart Cheque

CURRENT PROBLEMS

Risk of Forgery

Paper based forgery is getting easier with sophisticated operations.

Costly

Security features in the paper cheques are expensive to print, process costing an estimated AED 140million annually.

Data Loss

Image based clearing looses security features printed on the cheques, manual entry can result in typos.

Inefficient

Huge operational overhead for clearing and storing cheques, maintaining ledgers and reconciliation.

Restricted

Slow processing - no transactions on holidays, cut-off times. No visibility on the cheques in circulation.

OUR SOLUTION

LEGAL VALIDITY

It carries “Promise to Pay” which is legally enforced.

POST DATED PAYMENTS

Allow guaranteed future dated payment to beneficiary. PDCs are used as payment guarantee for a large item or service over time.

COMFORT

Cheques are commonly used to secure repayment of debt in the UAE as an alternative to letters of credit, future payments.

FLEXIBILITY

Freedom to the cheque receiver to delay presentment of cheque if needed.