Cheque Scanner Market is expected to reach US$ 1,079.55 million by 2028

by Sameer Joshi or 21-Apr-2021

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According to our latest market study on “Cheque Scanner Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Single-feed Cheque Scanners and Multi-feed Cheque Scanners) and Applications (Banks, Enterprises and Financial Institutions),” the market was valued at US$ 721.52 million in 2020 and is projected to reach US$ 1,079.55 million by 2028; it is expected to grow at a CAGR of 5.3% from 2021 to 2028. Cheques are still a popular payment option for a large number of enterprises working across various industries. To effectively manage the operation of cheques clearance, the institutions are deploying cheque scanners at their branches. Cheque scanner increases the overall productivity by allowing a bank to automatically process cheques. It eliminates the time spent on manual number inputs, physical storing, organizing, and retrieving information in the entire cheque clearing process. Therefore, with the deployment of cheque scanner, all the complicated processes are converted into a simple and smooth process. As the cheque scanner helps in scanning cheques through the scanner remotely within a few seconds, there is no need for additional cheque verification; hence, the money is received faster. Cheque scanners use magnetic ink character recognition to quickly read and automatically store data from a cheque. Moreover, cheque scanner reduces the overall operating cost by lowering the number of manpower dedicated to process the transaction. Further, the scanner allows institution to monitor cheques against the database and it helps avoid any fraudulent activity. Cheques can also be verified for authentication using public key cryptography and digital signatures, thereby making the entire process secure and authenticated. 

Cheque Scanner Market in Europe to Grow at Highest CAGR during Forecast Period
Geographically, the cheque scanner market in Europe is further segmented into the UK, Germany, Italy, France, Russia, and the rest of Europe. Germany, the UK, France, and Italy are at the forefront of the adopting digital banking. Robust adoption of the advanced technology in the banking and large enterprises sector drives the growth of the Europe cheque scanner market. The presence of leading market players such as PANINI, Digital Check Corp., Canon Europe, and MagTek Europe is bolstering the market growth. The banks, financial institutes, and large enterprises firmly shift toward remote deposit capture systems to enhance customer banking experience. The countries such as the UK and France are promoting remote deposit capture services. For instance, in October 2017, all-banks in the UK started to offer an image clearing system (ICS) for check deposit applications. The solution introduced in the country is enabling customers to exchange cheque images and data instead of visiting the bank with a physical paper document. The UK banks are processing the check with the image alone; there is no requirement for bank check documents. Such legislative changes in the country to enhance banking service is creating a substantial growth opportunity for market players in the UK.

Key Findings of Study:
Remote deposit capture (RDC) has gained prominence as banking authorities across the world are promoting and supporting the technology. Since the introduction of RDC, millions of desktop scanners have been deployed by the financial institutions. Remote deposit capture allows access to all funds within two to three business days; whereas the traditional deposit methods take several days to complete the task. RDC also removes geographical constraint, allowing user to deposit checks from anywhere. Panini SpA offers single feed RDC scanner namely mI: Deal, I: Deal, Vision 1, and multi-feed RDC scanner namely wI: Deal. The company’s scanner is supported by prominent independent software vendors (ISVs). Alogent, Deluxe, FIS, Fiserv, and Harland Clarke are among a few independent software vendors. Similarly, vendors including NCR Corporation and Digital Check offer such scanners. Digital Check offers The TellerScan TS240 teller capture scanner. It is a workhorse cheque scanner for the teller window or high-volume remote deposit capture environments.

Number of financial institutions are investing in such technology as the technology is helping their team to focus on core operation of the bank. The technology is also providing smooth operation and better management to the entire cheque clearance process.

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