Electronic Clearing System in DOP Finacle

Finacle : Electronic Clearance System

1. ECS is the process through which  settlement takes place between post office and Banks involved in the process as a part of Finacle payment system capabilities, supports settlements without physical instruments.
2. ECS in simple terminology can be descirbed as transfer of amount from post office to bank through electonic media.

Features of Electronic Clearing System

• ECS supports both inward and outward transaction processing in electronic form

1. Outward debit(Future)
2. Outward credit
3. Inward debit(Future)
4. Inward credit  

• The process of electronic clearing is similar in all aspets with that of cheque based clearing excpet it is in the form of electronic insrtuctions instead of cheques
• ECS also follows the Net settlement approach
• Facilitates collection of charges(if any) from customers through ECS.
• The data is processed at the Service Post Office level on behalf of all the Post Offices attached to the service Post Office.

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