truncated cheque definition
truncated cheque means a cheque which is truncated during the course of a clearing cycle by a clearing house whether paying or receiving payment, immediately on generation of an electronic image for transmission, substituting the further physical movement of the cheque in writing.
truncated cheque means a cheque which is truncated in a securesystem, during the course of a clearing cycle, by an Authorized Party, whether paying or receiving payment, immediately on capture of a scanned image, substituting physical movement of the cheque in the original form, and includes a cheque in the electronic form.