Published Paper Details:

Cheque Truncation System is utilized for clearing cheques. Because of the restrictions of this semi-manual procedure, it can take up to three business days for a national interbank check to clear in Sri Lanka. In light of these drawbacks, it is evident that both cheque users and large financial institutions want a more streamlined and protected system, one that can clear a check in under 24 hours while maintaining the system's security and privacy. To address these concerns, this study presents an automated approach that is within the reach of every financial institution in Sri Lanka. To provide its customers with the faster cheque clearance, the suggested system is built on the blockchain, and all banks that are interested in that structure must link to it. A comprehensive framework was proposed, with answers split into four distinct phases: (i) the traditional paper check clearing process, (ii) the digital cheque producing and cleared process, (iii) the detection and prevention of fraudulent cheque transactions, and (iv) the safeguarding of cheque transactions. The main programming languages and frameworks utilized to build the system were Python and Flutter, while the main distributed ledger used was Ethereum. Because Ethereum adds extra security, the suggested system may become very large very quickly. Both the consumer and the bank benefit from the method, since the clearing of cheques is made easier and faster while also being made more secure. Paper check fraud detection is made easier and more accurate as a consequence.