cheque truncation definition
cheque truncation means a system of cheque clearing and settlement between banks based on electronic data or images or both electronic data and images, without the conventional physical exchange of instruments;
cheque truncation means the process by which the physical movement of a cheque within a Banking company, between banking companies is stopped and replaced by the exchange, or storage, of Images and corresponding electronic information.
cheque truncation means the process by which the physical movement of a cheque, for clearing and settlement purpose, among participating bank of BACPS is stopped and is replaced by the exchange of images and corresponding electronic information.