- Cheque Truncation: The process of converting a physical cheque into a digital image for electronic processing.
- Image Replacement Document (IRD): Another term for a substitute cheque.
FAQs
Are substitute cheques safe?
Yes, substitute cheques adhere to strict security protocols to ensure they are as safe as original cheques.
Can a substitute cheque be used for proof of payment?
Yes, substitute cheques are legally equivalent to original cheques and can be used for proof of payment.
How do I endorse a substitute cheque?
Endorsement procedures for substitute cheques are generally the same as those for original cheques.