Cheque Outsourcing is the service whereby the Bank issues cheques to repay the creditors on behalf of the Bank's customers. This service provides a variety of ways of sending cheques to the creditors; for instance, creditors can pick up cheques at the Bank, or the Bank just issues cheques and customers pick up and distribute them to creditors themselves, or the Bank issues cheques and sends them out, by post, to the creditors, according to the orders and conditions of the customers. In addition, the Bank will provide a full range of service in case the creditors pick up the cheques by themselves at the Bank. Those services are for example; checking documents prior to cashing cheque to the creditors, determining the schedules of receiving the cheques as agreed with the customers, and managing storage of outstanding cheques.
- Order cheques Cashier's Checks
- Account debit 1 Working day before the date stated on the cheques (both the amount and the fee).
- Cashing of cheque in advance It is not worth it because the customers' money will be deducted one day before the date that their cheques will be issued.
- Submission of information to the bank The information must be submitted to the Bank 2 days before the date stated on the cheques, via the Bank's BTS system.
|Period ||Submission of Information to the Bank ||Cashing Cheques ||Completely Issuing Cheques ||Receiving Cheque |
|Day ||Timeline |
| 1 ||D-2 ||16.00 pm ||D-1, 06.00 am ||D-0, 13.00 pm ||D-0, 09.00 am |
*D = Effective Date
- Cashing of the cheques The Bank will check the information of the trading partners' documents, who pick up the cheques from the service users (the companies), such information is; namely, the amount of money, the name, the address of the trading partner, and the reference number. And in case the aforementioned information is not correct, the Bank will not cash the cheques and will contact the service users for further directions.
- Period of cashing cheques It depends on the number of the days the service users have determined as well as their intention of the Bank's further operation. For example; to keep the cheques to be cashed the next time, to return the cheques to the customers to be cashed by themselves, or to cancel the cheques and store them in the accounts.
- The Branch to pick up the cheques The companies can select 1 branch to pick up the cheques. Currently, the Bank provides this service in Bangkok as well as suburban areas, and it plans to expand such service to the provinces in the future.
- Additional service The service of issuance of Withholding Tax document is provided.
The steps in using the cheque outsourcing service are similar to those in Bulk Payments. After the customers have already signed the application forms, the Bank will provide them with an installation of the BTS system. Furthermore, they will be trained how to use this system and a test of information in the system will be conducted. Then the system is ready for use. The following are the 3-step of using this service:
- Preparation of information: the customers use the BTS system to import their files from the A/P system.
- Approval of information: the customers approve of all the transactions (Batch Approval)
- Submission of information: the customers send information to the Bank via internet. The Bank uses the submitted information to issue the cheques. Such information is comprised of the name of the beneficiary on each cheque, amount of money, the name of the Bank, the effective date (on the cheque), and the reference number such as the invoice number.
Reporting of Results
The customers can select the reports from the Bank according to their needs as follows:
- A summary report of transactions of cashing cheque orders sent to the Bank by the customers
- A report affirming cheques issuance according to the customers' orders
- A report of cheque receipt by the trading partners
- A report of the outstanding cheque receipt by the trading partner
- A report of collection of Order Cheques
- A report of outstanding collection of Order Cheques
If the existing customers use the payment systems of issuing cheques by themselves, pay with cash, or manual process (bring the cheque/cash to deposit into/transfer to creditors' account, by filling in the Pay in Slip, at the counter of the Bank), the Cheque Outsourcing will give them the benefits as the following.
- To reduce the payment-step: The Bank will act as the counter service on be half of the customers.
- To save costs and expenditures: This will help reduce the operating expense, and if the cheque receiver absorbs the fee cost, the customers who pay via Cheque Outsourcing service can save their money.
- To enhance the efficiency of the customers' businesses: The customers have more time to manage other work.