How Will SEMOSIS Benefit Bank Branches?

Past implementations by banks regarding shared ATMs have shown that both customers and banks were satisfied with these innovative services, as indicated by banks' research results. Such innovative initiatives demonstrate that operational processes, which represent a significant cost for banks, can be managed efficiently through common platforms for all banks. In light of this, various fintech projects have been developed to make banks' operational workflows more efficient and to generate commission income from these operational processes through innovative products.

One of these projects is the Semosis Central Promissory Note Payment System, designed to help banks manage promissory note collection processes in the most efficient and cost-effective way possible. As is well known, banks' promissory note operations involve a long and tedious cycle. This cycle comes with substantial costs and risks that must be managed carefully.

Typically, banks receive promissory notes from customers and enter the relevant data into their banking systems. The notes are then monitored by branch personnel, who ensure that they are paid on the specified due dates. If a promissory note is not paid, it is protested two business days after the due date through a notary, and the bank incurs the notary protest costs, which are then reflected on the creditor.

In this context, Semosis significantly reduces the operational workload and costs for bank branches by allowing both creditors and debtors to manage promissory note collections online through a website or mobile application. This means that promissory note collections can be handled without the need for a physical location, time constraints, or cash transactions, leading to a more streamlined and efficient process for banks.