New Delhi, May 26 (KNN) To enable faster processing of the cheques as well as reduce fraud risk, ICICI Bank has introduced a ‘Positive Pay’ feature in its mobile application through which the customers can transfer the images of the cheques they have issued to the bank.

According to a media report, it could also eventually pave the way for image-based clearing, although that is not allowed at present.

Several banks across the world use Positive Pay as fraud detection tool. The cheque-issuer sends information of the cheque number, payee, amount and date to the bank and the bank then corroborates the information with the cheque when it is received for clearing. This service is already used by corporates who send statements on the cheques issued by them to the bank.

ICICI Bank is the first bank in India to launch the Positive Pay feature for individual account holders. Using the app to send the cheque image allows the bank to provide this service without adding to its costs.