What aspect of cheque processing was FIRST implemented nationwide by Singapore?

Digital truncation was the first aspect of cheque processing to be implemented nationwide by Singapore. This system involves the conversion of paper cheques into digital images, allowing them to be processed electronically. The use of digital truncation significantly streamlines the cheque clearing process, reduces the need for physical transport of cheques, and enhances the speed and efficiency of transactions.

Implementing digital truncation also supports the broader goals of increasing operational efficiency within the banking sector and promoting a more paperless environment. This technology allows for quicker verification and settlement of cheques, providing benefits not only to banks but also to businesses and consumers who rely on cheque transactions.

The other choices, while important advancements in cheque processing, were not the first implemented nationwide. Electronic cheque exchange and mobile cheque deposit came later as the technology developed further. Cheque encryption, which enhances security in cheque processing, is also a significant advancement but was part of a broader effort to secure transactions rather than a standalone aspect initially implemented in Singapore's nationwide cheque processing system.