A procedure in which the physical movement of paper payment instruments (for example paid cheques or credit transfers) within a bank, between banks or between a bank and its customer is curtailed or eliminated, being replaced, in whole or in part, by electronic records of their content for further processing and transmission.
The shortening of any piece of information, usually by removing the last part.
For example the number 9.876, truncated to one decimal place, would become 9.8.
It is poor practice to truncate numbers in this way.
It is better to round, if a simpler presentation is appropriate.
(9.876 would round to 9.88, or 9.9 or 10.)