Al Etihad Credit Bureau (AECB) today announced a web portal for the newly launched ChequeScore, an innovative product that allows both businesses and individuals to instantly know how likely a cheque issued through a UAE-based bank is to bounce.
ChequeScore went through months of rigorous trial testing before launch to ensure a smooth and hassle-free customer experience. During the trial period, more than 11,000 cheques a total value of AED788 million were scanned through the application.
Since launching, ChequeScore mobile app downloads have since soared up to 21,532 in just over a month. Since launching publicly, the overall value for all cheques scanned amounted to over AED815 million.
Now available on the AECB website, ChequeScore showcases more access and interaction possibilities, with user traffic projected to rise tenfold.
ChequeScore serves to lower the number of bounced cheques, and provides a push for financial accountability. Once a user registers on ChequeScore, they can scan a cheque, upload a cheque image, or enter the cheque data manually. By completing the purchasing process, the user will immediately be shown the Cheque Score, a score ranging from 1 to 99 percent, indicating the probability of a cheque to bounce in the next nine months.
The Cheque Score is calculated using the issuer’s Credit Score, another product provided by AECB, with cheque issuance and clearance history, on-time payment patterns, and other factors considered that support the predictive nature of this score.
AECB’s products better help support decisions relating to investment and credit targets to reward individuals’ and companies’ ability to maintain timely payment schedules, creditworthiness and access the best products and offerings within the industry. Customers can rely on AECB’s expertise and capabilities to assess individuals’ and companies’ financial strength and abilities.
News Source: Emirates News Agency