ABSTRACT
To start with, the goal of every operation staff is to deliver quality
service and in the process excite the customer.
Through information given it is obvious that automated clearing system in
Nigeria
has improved payment service. The purpose of clearing banks to make the process
more manageable. Method used in this project work has been arranged and design in
a meaningful way so that it will be obvious to anybody that come across this
project.
The effect of automated clearing system has been stated in a clear times
like strong of data and vital information. It also promoted effective control
through tracking and reconciling items and also the benefit of the system has
also been stated in a event between automated clearing system and special
clearing system so as shed more light on the topics for proper understanding.
TABLE OF CONTENT
Title Page i
Certification ii
Dedication iii
Acknowledgement iv
Abstract v
Table of Content vi-vii
CHAPTER ONE
Introduction 1
Purpose of the study 2
Statement of the study 3
Significant of the study 3
Delimitation of the study 3
Limitation of the study 4
CHAPTER TWO
Literature Review 5
The bank clearing system 6-8
Effect of Automated clearing system 8
Different between Automated/Special clearing 8-9
Benefit of Automate clearing system. 9
CHAPTER THREE
Research methodology 10
Data collection sources 10
Administration of questionnaire 10-11
CHAPTER FOUR
Introduction 12
Data collection 12
Data analyses 12-15
CHAPTER FIVE
Summary 16
Conclusion 16
Recommendation 17-18
Bibliography
Appendix.
CHAPTER ONE
GENERAL DESCRIPTION OF THE STUDY
1.0 INTRODUCTION
The cheque clearing system is the means
whereby bank exchange cheque drawn each others 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.
1.1 PURPOSE
OF THE STUDY
This
project particularly is the following purpose irrespective of the actual study
undertaken.
* To produce the number of clearing
banks
* To make process more manageable faster
efficient.
* To cut the number of clearing day to
boiter, so that consumer will have the confidence and encourage of the uses of
non-instrument.
* It’s designed to eliminate these
identities difficulties and encourage development and integration of other
electronic payment and settlement product.
* To achieve effective control, through
tracking reconciling physical item or activities database alone enquires e.t.c.
* It enable the exchange of data and information
between financial institution that whether to had no direct ink to one another
clearing system have patience security feature that can minimize it has help to
stabilize banking system and align cheque processing in Nigeria with the
international standard.
1.2 STATEMENT
OF THE PROBLEM
The
problem of this study is to fund out empirical analysis basically on applied
research aim of solving an immediate practical problem such as research
question like:
* Nigeria automated clearing system
protects can improve payment system.
* Is it comparable with foreign country?
* Does it have effect on value of money
and time lag.
* How many banks will be a participant, these
statements of the problem of this particular project?
1.3 SIGNIFICANCE
OF THE 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.
1.4 DELIMITATION
OF THE STUDY
The
study is limited to some banks such as Community. e.t.c. the study “Universal
Trust Bank Plc” is one of the participant which focus on
INTRODUCTION PROGRAMME FROM NEW EXECUTIVE
ASSISTANT
Universal Trust
Bank Plc
Clearing within
flexible environment to suitable suggestion
1.5 LIMITATION
OF THE STUDY
To
carry out this project is not an easy task due to circumstances that warrant it
such as;
Time Factor:- time factor is the major
factor that hinder the investigation to be carried out is due to the academic
situation because daily academic period involved information to complete the
project.
FACTOR
Capital
constraint which make it difficult to buy the material and collection of
appropriate data for the project.
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