DESIGN AND IMPLEMENTATION OF AN ONLINE CHEQUE CLEARING SYSTEM
ABSTRACT
Cheque clearing system is a feature of electronic banking where by the transfer of funds from one account to another rather than by cash is done with the use of electronic devices like computers and scanners. The aim of the study is to design and implement an Online Cheque Clearing System. In achieving this aim, the following specific objectives were laid out as follows to develop an application software that will access the significance of Online Cheque Clearing System and Eliminate identity difficulties and encourage development and integration of other electronic payment and settlement product. The motivation that led to the implmentation of the proposed system is that most customers' rough handle cheques issued to them from other banks which become difficult to scan and as a result needs to be cleared manually which is costly and time consuming on the part of the bank. The methodology adopted in this study is the object oriented analysis and design methodology (OOADM) which is a technical approach for analyzing and designing an application or system by applying object throughout the software development process. The programming language used is HTML, CSS, JAVASCRIPT, PHP, SQL and JQUERY. The reason why web programming languages was used is because, it is platform independent and it is a web based application. The implementation of the proposed system will helps people in community especially those who enjoy banking services by providing quick and faster service for them for instance when a cross cheque is drawn to any bank, the customer of collecting bank enjoy quick and faster payment. The expected result is an Online Cheque Clearing System that will make the process of cheque clearing faster and efficient, and reduce the number of cheque clearing days, so that consumers will have the confidence and courage of the uses of non-instrument.
CHAPTER ONE
1.1 Introduction
Cheque Processing is one of the most widely researched areas in document analysis and biometric. Various methodologies have been proposed in this area for Automatic Cheque Processing and forgery detection. An account holder gives cheques to another person as account payee or self-cheque. The widespread use of bank cheques in daily life makes the development of cheque processing systems of fundamental relevance to banks and other financial institutions. Bank transactions involving cheques are still increasing throughout the world in spite of the overall rapid emergence of electronic payments by credit cards. Automatic bank cheque processing systems are hence needed not only to counter the growing cheque fraud menace but also to improve productivity and allow for advanced customer services. The automatic processing of a bank cheque involves extraction and recognition of handwritten or user entered information from different data fields on the cheque such as courtesy amount, legal amount, date, payee and signature.
As a prelude to other parts of this study, this chapter will discuss the background upon which this study was initiated, the statement of problems that led to this study, the Aim and Objectives of the study. Others are Significance of the study, Scope of work, Limitations of the Study and Definition of technical terms.
1.2 Background of Study
The cheque clearing system is the means whereby bank exchange cheque drawn through clearing system. Clearing system on the other hand is the medium through which proceeds of cheques and other payment instrument are transferred from the paying bank to collecting bank. The Nigerian automated clearing system (NACS) which book-off on October 21, 2002 as a result of the time function that affects clearing system i.e before cheque is cleared. It involved much stretch in which cheque is not cleared at when needed.
The Central bank of Nigeria (CBN) act No 24 of 1991 empowers the apex bank to facilitating the clearing of cheque and other payment instruments. As a movement forward on the execution of the mandate (CBN) issued the Nigeria banker’s clearing house rule on January 2, 1995. In November 1995 (CBN) governor announced a plan for a dratie overall of the clearing system monetary transaction in Nigeria were largely based on cash and as such had inherent problems, such as security volume of paper its transport, currency sorting changing.
This state of affair creates the moving member of the public to non − cash payment instruments was hampered by the clearing processes, which was largely manual, the services to the customer was prior and cheque based on transaction were use prone to fraud “the clearing circle look between 5 to 15 working days.
The clearing process was very rowdy with too many banks participating on clearing. The process was frequently late in balancing the book and prone to human awor. This made it very difficult for central bank of Nigeria (CBN) to calculate and advise on the net settlement figures on time after the days clearing. Although many of the instrument had magnetic character recognition (MICR) code them the lack of automated meant that MIC code lines and infrastructure would not be used.
This meant a waste of consideration investment made in the form of magnetic link character recognition (MIRC) code line information processing infrastructure to fund solution to the problems a committee was set-up its report formed the basis of the banker’s committee decision on June 16, 1996 which approved the automated of the clearing process to more zone within the country with Lagos having more zones” reduce the number of clearing days to buster consumer confidence and encourage. The uses of non cash instrument also reduce number of clearing bank to make the process number of clearing bank to make the process more manageable, faster it was reasoned that automated would make used of [MICR] technology possible, which would further bring speed and efficiency into clearing processing with the potential to reduce the clearing float that introduce networking between the parties involved in clearing these was expected in unlock the benefit of electronic banking for Nigerians.
The system that is able to read cheque automatically would be very helpful, especially if it is fast and accurate. Even if misclassification occurs, the mistake could potentially be detected during the recognition process; however it is more desirable that the system rejects a cheque in case of doubt so that it can be directed to manual processing from the beginning. In order to produce a successful cheque processing system, many sub-problems have to be solved such as background and noise removal, recognition of the immense styles of handwriting and signatures, touching and overlapping data in various fields of information and errors in the recognition techniques (Vamsi et al., 2005).
1.3 Statement of Problem
Investigation revealed that most customers’ rough handle (twist or fold) cheques issued to them from other banks which become difficult to scan and as a result needs to be cleared manually which is costly and time consuming on the part of the bank. The problem of this study is to found out empirical analysis basically on applied research aimed at solving the immediate practical problems in the banking system.
1.4 Aim and Objectives of the Study
The aim of the study is to design and implement an Online Cheque Clearing System. In achieving this aim, the following specific objectives were laid out as follows to develop an application software that will:
- Access the significance of Online Cheque Clearing System.
- Make the process of cheque clearing faster and efficient.
- Reduce the number of cheque clearing days, so that consumers will have the confidence and courage of the uses of non-instrument.
- Eliminate identity difficulties and encourage development and integration of other electronic payment and settlement product.
1.5 Significance of Study
This study has important value to the academic it helps the student of Banking and Finance, Business Administration, Marketing, and Economics in our various institutions to have knowledge about the automated clearing system as part of their course or study when they get to the field so that it would not be strangled to them.
Community: It helps people in community especially those who enjoy banking services by providing quick and faster service for them for instance when a cross cheque is drawn to any bank, the customer of collecting bank enjoy quick and faster payment.
Society: The introduction of (ACS) growth and economy development in which society are the beneficiary.
1.6 Scope of Study
The scope of the research is focused on Design and Implementation of an Online Cheque Clearing System using First Bank PLC in Nigeria as a case study.
1.7 Limitations of the Study
During the course of this study, many things militated against its completion, some of which are:
- Time Constraint: The time frame given to accomplish this project was very short due to school academic calendar and it was carried out under pressure which made the researcher not to implement some necessary features.
- Establishment Policies: Establishment policies posed a serious limitation as most staffs are not ready to release information needed for this project work. There were lots of information needed from the staffs of this institution to enhance the study which took them time to release or they did not release at all for security purposes, hence the scope was reduced.
- Research material: availability of research material is a major setback to the scope of the study.
- Frequent power failure: This made the researcher append more money on fuel to ensure sustainable power.
- Financial Constraint: Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet).
1.8 Definition of Terms
Cheque Clearing System: Is the process of moving a cheque from the bank in which it was deposited to the bank on which it was drawn, and the movement of the money in the opposite direction.
CHAPTER TWO
2.0 Literature Review
2.1 Introduction
The review of relevant literature is the main topic of this chapter. A literature review covers theoretical and methodological contributions to a certain issue in addition to the state of knowledge at the time of writing. It provides information about the state of the art in relation to the subject you are writing about. It examines the body of work on the chosen subject. The literature evaluation in this study comprises the …
Procedure for Downloading the PDF (Docx) Material
Design and Implementation of an Online Cheque Clearing System can be downloaded by requesting the full set of materials at the project or seminar cost. The document will be sent via Microsoft Word (MS-Word) format via WhatsApp (e-mail) following payment confirmation.
| Seminar Material Cost ₦3,000 | Project Material Cost ₦5,000 |
Request Complete Material
 | Click here to request the Complete Material via WhatsApp including;
|
TABLE OF CONTENTSPRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- 1.1 Introduction
- 1.2 Background of Study
- 1.3 Statement of Problem
- 1.4 Aim and Objectives of the Study
- 1.5 Significance of Study
- 1.6 Scope of Study
- 1.7 Limitations of the Study
- 1.8 Definition of Terms
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Review
- 2.3 Operation of the Cheque Clearing System
- 2.4 The Electronic Clearing System Procedure
- 2.5 Theoretical Framework of the Electronic Cheque Clearing System
- 2.5.1 Electronic Clearing System versus Manual Clearing System
- 2.5.2 Benefits of the Electronic Clearing System
- 2.5.3 Challenges of the Electronic Cheque Clearing
- 2.5.4 Automatic Processing of Handwritten Bank Cheque Images
- 2.6 Empirical Review of Related Literature
SYSTEM ANALYSIS AND DESIGN
- 3.1 Methodology Adopted
- 3.1.1 Problem Identification Using SSADM
- 3.2 Analysis of the Existing System
- 3.2.1 Dataflow of the Existing System
- 3.2.2 Disadvantages Of The Existing System
- 3.2.3 Weakness of the existing System
- 3.3 Feasibility Study
- 3.3.1 Economic Feasibility
- 3.3.2 Technical Feasibility
- 3.3.3 Operational Feasibility
- 3.4 Analysis of the Proposed System
- 3.4.1 Data Flow Diagram of the Proposed System
- 3.4.2 Advantages of the Proposed System
- 3.4.3 Justification of the Proposed System
- 3.5 Functional Requirements
- 3.5.1 Use Case Diagram Of The Admin / User Privileges
- 3.6 Data Requirements
- 3.7 High Level Model of the Proposed System
SYSTEM DESIGN AND IMPLEMENTATION
- 4.1 Objectives of the Design
- 4.2 Cohesion and Decomposition High level Model
- 4.3 Control Center / Overall Dataflow Diagram
- 4.3.1 Proposed System Operation Flowchart
- 4.4 System Specification and Design
- 4.4.1 Input and Output Specification
- 4.4.2 Database Specification and Design
- 4.4.3 Data Dictionary
- 4.5 Choice and Justification of Programming Language
- 4.6 Program Documentation
- 4.7 Implementation Techniques
- 4.8 Programming Module Specification
- 4.8.1 Installation
- 4.8.2 Security Design Specification
- 4.8.3 System Architecture
- 4.9 Computer Hardware Minimum Requirement
- 4.10 Software Requirement
- 4.11 Personnel / User Training
SUMMARY, CONCLUSION AND RECOMMENDATION
- 5.1 Introduction
- 5.2 Summary
- 5.3 Conclusion
- 5.4 Recommendation
REFERENCES
APPENDIX A - “SOURCE CODE”
APPENDIX B - “OBJECT PROGRAM”
Disclaimer for Complete Material Utilization
The displayed research work titled "Design and Implementation of an Online Cheque Clearing System" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
PRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- 1.1 Introduction
- 1.2 Background of Study
- 1.3 Statement of Problem
- 1.4 Aim and Objectives of the Study
- 1.5 Significance of Study
- 1.6 Scope of Study
- 1.7 Limitations of the Study
- 1.8 Definition of Terms
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Review
- 2.3 Operation of the Cheque Clearing System
- 2.4 The Electronic Clearing System Procedure
- 2.5 Theoretical Framework of the Electronic Cheque Clearing System
- 2.5.1 Electronic Clearing System versus Manual Clearing System
- 2.5.2 Benefits of the Electronic Clearing System
- 2.5.3 Challenges of the Electronic Cheque Clearing
- 2.5.4 Automatic Processing of Handwritten Bank Cheque Images
- 2.6 Empirical Review of Related Literature
SYSTEM ANALYSIS AND DESIGN
- 3.1 Methodology Adopted
- 3.1.1 Problem Identification Using SSADM
- 3.2 Analysis of the Existing System
- 3.2.1 Dataflow of the Existing System
- 3.2.2 Disadvantages Of The Existing System
- 3.2.3 Weakness of the existing System
- 3.3 Feasibility Study
- 3.3.1 Economic Feasibility
- 3.3.2 Technical Feasibility
- 3.3.3 Operational Feasibility
- 3.4 Analysis of the Proposed System
- 3.4.1 Data Flow Diagram of the Proposed System
- 3.4.2 Advantages of the Proposed System
- 3.4.3 Justification of the Proposed System
- 3.5 Functional Requirements
- 3.5.1 Use Case Diagram Of The Admin / User Privileges
- 3.6 Data Requirements
- 3.7 High Level Model of the Proposed System
SYSTEM DESIGN AND IMPLEMENTATION
- 4.1 Objectives of the Design
- 4.2 Cohesion and Decomposition High level Model
- 4.3 Control Center / Overall Dataflow Diagram
- 4.3.1 Proposed System Operation Flowchart
- 4.4 System Specification and Design
- 4.4.1 Input and Output Specification
- 4.4.2 Database Specification and Design
- 4.4.3 Data Dictionary
- 4.5 Choice and Justification of Programming Language
- 4.6 Program Documentation
- 4.7 Implementation Techniques
- 4.8 Programming Module Specification
- 4.8.1 Installation
- 4.8.2 Security Design Specification
- 4.8.3 System Architecture
- 4.9 Computer Hardware Minimum Requirement
- 4.10 Software Requirement
- 4.11 Personnel / User Training
SUMMARY, CONCLUSION AND RECOMMENDATION
- 5.1 Introduction
- 5.2 Summary
- 5.3 Conclusion
- 5.4 Recommendation
REFERENCES
APPENDIX A - “SOURCE CODE”
APPENDIX B - “OBJECT PROGRAM”
Disclaimer for Complete Material Utilization
The displayed research work titled "Design and Implementation of an Online Cheque Clearing System" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
Frequently Asked Questions (FAQ)
Can the material for “Utilization and Availability of Information Communication Technology Tools for Teaching and Learning of Chemistry” be used as a guide for Chemistry Education Project?
Yes it can be used — Chemistry is an exact and a core science subject in Nigerian secondary schools. Its teaching often requires creativity and improvisation. The study was carried out to examine the Utilization and Availability of Information Communication Technology Tools for Teaching and Learning of Chemistry in Public Secondary School in Delta District. In achieving this aim, the following specific objectives were laid out to find out the influence of online instructional materials on academic performance of senior secondary school students in chemistry, examine the relationship between online instructional resource and student academic performance in chemistry, and examine the impact of online instructional resource in teaching and learning of chemistry in secondary school. The research design used in this report is descriptive design, utilizing …
Can the material for “Management of Fraud in Nigeria Commercial banks” be used as a guide for Banking and Finance (BF) Project?
Yes it can be used — This research is on the Management of Fraud in Nigeria Commercial Banks. A case study of selected Commercial Banks in Enugu. The main objective of the study is to identify the causes of fraud in commercial banks. The researcher analyzed the data collected based on the response from the questionnaires distributed. The chi-square test was used to test the hypotheses. The major findings of the study are: 1. The causes of frauds in commercial bank include a. Poor management and poor security arrangement b. Inadequate staff training. c. Staff negligence. 2. The various types of fraud in commercial banks include a. Loan fraud b. Cheque fraud c. Advance fee fraud. On the basis of the above findings, the study concludes …
Can the material for “Design and Implementation of an Automated Student Course Registration and Result Processing System” be used as a guide for Computer Science (CS) Project?
Yes it can be used — Automated Student Course Registration and Result Processing System is a system that checks students’ academic result or assignments score. ORC result checking system not only enables students to request for their grades, the system can also deliver the grades to their phones as soon as the grades become available. The aim of the study is to design and implement an Automated Student Course Registration and Result Processing System Application Software for checking academic results. In achieving this aim, the following specific objectives were laid out as follows to develop an application software that will provide an objective system for recording aggregating and computing students’ result, enhance or improve the computer literacy of every FUTO student and Generate result that is …
Can the material for “The Impact of Small and Medium Scale Enterprises on Economic Growth in Nigeria 1982 - 2012” be used as a guide for Entrepreneurship Project?
Yes it can be used — This research work is on the impact of small and medium scale enterprises on economic growth in Nigeria. The main objective of this study is to empirically examine the impact of small and medium scale enterprises on economic growth in Nigeria. This research work made use of secondary data which were obtained from the Central bank of Nigeria Statistical Bulletin (2012). The data were collected for a period of thirty one years (i.e. 1982-2012). The Ordinary Least Square Regression Technique was employed in the analysis of the data. It was found among other things that Based on the empirical analysis, it is concluded that small and medium scale enterprises has significant relationship with economic growth in Nigeria. SME developments cuts across …
Can the material for “Modulation of Immunological Responses in Albino Rats by Leaf Extracts of Telfairia Occidentalis (Hook F) and Tectona Grandis (LINN)” be used as a guide for Linguistics and Communication Project?
Yes it can be used — The immuno-modulating effects of leaf extracts of Telfairia occidentalis (Hook F) and Tectona grandis (Linn) on both humoral and cell mediated immune responses were evaluated in vivo.The responding cells were defined by flow cytometry and secretion of various cytokines by ELISA. Structural elucidation of the bioactive molecules responsible for the observed effect was equally attempted. Results of the quantitative phytochemical analyses of the extracts revealed abundance of bioactive compounds such as soluble carbohydrates (1.624 ± 0.002; 0.910 ± 0.003 mg/100g), tannin (6.593 ± 0.228; 5.325 ± 0.526 mg/1 00g), flavonoids (3.780 ± 0.228; 3.285 ± 0.526 mg/100g), saponins (3.285 ± 0.526; 0.744 ± 0. 004 mg/g), reducing sugars (293.364 ± 0.002; nil mg/100g), glycosides (8.683 ± 0.003; nil mg/g), terpenoids …
Can the material for “Foreign Exchange and International Trade Its Effect on Bank Profitability” be used as a guide for Banking and Finance (BF) Project?
Yes it can be used — This project is titled foreign exchange and international trade it’s effect on bank profitability. It examines the extent and effect of foreign presence in domestic banking markets. It investigate how net interest margins, overhead tax paid and profitability differ between foreign and domestic banks we find that foreign banks have higher profit than domestic bank in developing countries but the opposite is the case for developed countries. Estimation result suggest that an increased presence of foreign bank is association with a reduction in profitability and margins for domestic banks are regard to foreign exchange and international trade. …
Can this topic “Computer Based Goods Transportation System” be used for Computer Science Education Project?
Yes it can be utilized for research — Computerized goods transport system is a software permits a customer to send products from one location to another electronically. The aim of this study is to design and implement a Computerized Goods Transportation System using Akwa Ibom Transport Company (AKTC) as a case study. In achieving this aim, the following specific objectives were laid out to develop an application software that will ensure a fast and more efficient services to the customer based on quick access of data and accurate information, accurately compute transportation bills and obtain reports of goods transportation records. The motivation that led to the implementation of the proposed system is as a result of the management of goods in Nigeria has over the years attracted poor …
Can the material for “Design and Implementation of a Computerized Database Updating System” be used as a guide for Computer Science (CS) Project?
Yes it can be used — Information is the driving force in a transaction driven operation decision, with rapid advancement in information technology the resulting increase in complexity of Nigerian Stock Exchange (NSE). The quality and variety of information needed for a transaction driven operation is increasing forth. We are now in computer age where our success and wealth will continue to grow through the use of computer to find solution to our problems. This project is concerned with the development of a transaction driven operation in a computerized database updating system in Nigerian Stock Exchange (NSE). Hence, provision for quick referencing, calculation, large information storage, data maintenance etc are also available. Organization Of Work Chapter one outlined the problem, definition, the purpose of the study, what the work is …
Can the material for “Design and Implementation of a Characterized Human Resources Management System” be used as a guide for Computer Science (CS) Project?
Yes it can be used — The current and future well being of an organization depends mostly on the activities and management of its human resources element. All activities towards improved productivity such as profit; organizational efficiency and effectiveness can only be made possible by the manner and method in which the human resources are managed. Human resources management therefore occupies a critical position in well being of an organization more especially in the area of facilitating positive changes towards effective performance. Because of this, there is need to improve some areas of operations of human resources department which require improvement or replace areas that may require replacement this initiated. This project focus in computerization of the human resources department that leads or aims at reducing time constraints …
Can this topic “Incidence and prevalence of gastroenteritis among underfive years children” be used for Midwifery Project?
Yes it can be utilized for research — Gastroenteritis is an illness triggered by the infection and inflammation of the digestive system. Typical symptoms include abdominal cramps, diarrhoea and vomiting. The aims of this study were to determine the prevalence of gastroenteritis among under 5-year-old children in Ojoto, Idemili South Local Government Area of Anambra State. In achieving this aim, the following specific objectives were laid out to determine the impact of gastroenteritis on daily activities of child and caregiver, examine the prevalence of gastroenteritis among under 5-year-old children in Ojoto, and investigate the incidence of gastroenteritis among under 5-year-old children in Ojoto. Investigation revealed the main complication of gastroenteritis is dehydration, but this can be prevented if the fluid lost in vomit and diarrhoea is replaced. A …