The Sybrin Systems Limited and Proactive Technologies Limited have introduced the Sybrin Automated Cheque truncation solution and other cost-saving, efficiency-enhancing solutions into the Nigerian markets.
The firms, which unveiled the products at a forum in Lagos, said they had gotten the approval of the Central Bank of Nigeria (CBN) and the Nigeria Interbank Settlement System (NIBSS) said the software would support the cashless policy.
Sales Manager, Sybrin Systems, Mr. Daniel Parreira, said that truncation would make cheque volumes to decrease because there would be decreased limits on the amount of cheques that could be presented.
According to him, as soon as people start seeing how quickly cheques can clear to the extent of T+1, it would drive the cashless policy.
Parreira added: “What we have seen in African countries such as Kenya, Zambia and others is that it has driven the economy very well and made things very easy. It has really helped a lot of countries to grow quicker.”
He said Sybrin had established itself over the past 20 years as the leading software technology company in the provision of automated cheque truncation and other payment solutions among Africa’s leading banks, clearing houses and corporations.
The Chief Executive Officer, Proactive Technologies, Mr. Roland Obe, said Nigerian banks would become world-class institutions with cheque truncation.
“We felt it would be a nice idea to partner Sybrin and bring them to Nigeria and gain from them, and for Nigerian banks to also get value from them.Basically, we believe that we are ahead of our competitors from what we have seen. Already, we have started deployment in a bank and it is being piloted presently.
“While several companies claim to have expertise in imaging and truncation technology areas, only very few stand out in Africa and beyond. The strongest of such companies in Africa is Sybrin, which has been in the business for over 21 years, innovating and virtually taking over truncation technology in Africa,” he added.