A new API service has been launched by the largest credit bureau in Nigeria, CreditRegistry, to verify the financial credibility of cheque issuers. The API will prevent banks from accepting forged or serially dishonored checks, and will enable lenders to comply with COVID-19 directives. The API was launched in tandem with a directive from the Central Bank of Nigeria, which requires all financial institutions to check for serial dud cheque issuers.
The PostGrid API enables applications to securely handle cheque writing and delivery. Using this API, developers can control user permissions, add security features to cheques, and mail fulfilment through reputed printers. In addition to this, the API can be used to print checks from your office printer or through a reputed mail fulfilment company. Using this API, you can also use the PostGrid bank's cheque templates and upload a copy of the cheque to ensure secure mailing.
The Zia API uses an image file to represent a cheque and will process text that is in the image for an English language. It does not support other languages. Checks must be of CTS-2010 format to be processed. Once the processing is complete, the API will return the details of the cheque issued, including the account number, bank and branch name, and IFSC code. If the cheque is rejected in the technical validation, it will land in the Reject re-verification module.
In the IW Zone, once the checks have been uploaded, the supervisor closes the zone. The nodal supervisor must verify the cheques to ensure that the transaction has been completed. The supervisor must also run the validation report and suspend the zone. The nodal user must check that no exceptions have occurred during the posting process before closing it. The system will deduct charges for any cheques that were returned in the technical validation and posting processes.
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