Benefits of Check 21 Remote Deposit Capture

Benefits of Check 21 Remote Deposit Capture

Benefits of Check 21 Remote Deposit Capture (RDC) include:

  • API software interface. Rolling out RDC is easy with quick integration with existing software.
  • Multi-function platform. Check 21-RDC, ACH, credit/debit card processing can all accommodated on the same platform.
  • Banking independence. Customers can use any financial institution desired as a depository account for the ultimate in flexibility.  No new bank accounts are required.  If the customer wishes to change banks at any time, continuity of RDC clearing (and smooth operations for customers) is assured.
  • Online check image archives. Easy search and retrieve for any image transaction.  All checks are archived online for fast and easy access making it simple to recover and share any payment documentation to customers.
  • Automated resubmission of returns. XML/SOAP eliminates the need for manual handling of returns increasing productivity and cash flow.
  • Full online reporting. The entire clearing and settlement process for each transaction is available online.  Management reports can be compiled quickly through the manipulation of any variables.
  • Faster access to money. Remote Deposit Capture fosters speedy check clearing resulting in drastically decreased settlement times.  Depending upon underwriting criteria of the customer, funds can settle to accounts as quickly as the next business day.  Faster settlement means increased cash flow and quicker availability of working capital for your customers’ business.
  • Reconciliation and management is infinitely easier. With RDC, checks are transmitted electronically eliminating the need for multiple depository accounts.  Customers’ finance departments will no longer be burdened with the time consuming administrative functions required to manage multiple accounts. Consolidation also enables customers to take advantage of volume based transactions discounts and will save them money on account maintenance fees.
  • Saves time and money. Electronic image transfer means fewer trips to the bank, saving transportation costs and eliminating courier and/or mail fees.  And, since checks are archived online, there is no need to photocopy checks before taking them to the bank saving money on copying and storage.
  • Increase productivity. Much of the error-prone manual labor of check preparation is eliminated with RDC, freeing customers’ employees to concentrate on other projects.  Streamlining of check deposits management accelerates the smooth flow of your customers’ business operations.
  • Expanded banking hours. RDC expands the banking hours in your day by 50%.  In an amazing gift of time, RDC deposits can be made up to 8 pm EST freeing customers of worries about meeting a 4 pm cutoff time.  Additionally, RDC offers convenient 24-hour deposit capability.  Deposit checks anytime, including nights, weekends, and holidays; after hours checks clear the next banking day.
  • Decreased fraud risk. RDC gives customers the protection of computerized anti-fraud programs which are not available with paper check transactions.  Electronic clearing includes anti-fraud algorithms and systems for customer security.  In addition, shorter clearing times offer better protection against check fraud.
  • Clear file delivery. In the rare case where a poor quality image is received, customers receive notification via email.  They can immediately resubmit the information assuring near 100% clear file delivery.
  • Geography disappears. Flexible online reporting means data can be rapidly shared with customers’ management team, no matter where they are physically located.

Free Check Scanners for Remote Deposit Capture

Free scanners for Check 21 remote deposit capture are quickly becoming the norm.  Much to the dismay of independent sales organizations that hoped that new products such as remote deposit capture could help rescue them from shrinking margins.  First credit card terminals were being given away for free.  Now check scanners.

Prices of scanners have dropped tremendously.  At the same time, the reliability and quality of image transfer has gotten better.  It makes sense for a bank to simply give a scanner to a business customer.  Ensuring the business deposits will come in faster and make more money for the bank.

Business owners, of course, love the idea of free scanners.  58% of business owners would immediately start using remote deposit capture if the scanner was provided free.

Remote deposit capture is growing fast.  After all, everyone would rather scan a check and transmit it electronically rather than going to the bank.   In addition, remote deposit cut means quicker availability of funds.

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Consumers Embrace Remote Deposit Capture

Electronic check imaging is exploding.  What started as a small trickle has now become a massive flood.

Large companies have been using Check 21 electronic check imaging also known as remote deposit capture ever since the law was first implemented a a few years ago.  Now businesses all over are demanding remote deposit capture services from their banks.  The savings in time and money and increases in productivity are all reasons why remote deposit capture has become so hugely popular

The latest development is that remote deposit capture is now available to home businesses and consumers.  There is a home-based remote deposit capture service fact will allow banks to accept paper check deposits and build payments by a camera-equipped mobile phone.

The homes of business users represent a natural expansion of the service.  The trend in moving from corporate through midsize to small business accounts down to the consumers is inevitable.  Consumers want the latest in convenience and ease of use which is what remote deposit capture provides them.

Yes, we are all becoming a nation of couch potatoes.  None of us want to drive to the bank even if it is to deposit a paper check that means money for us.  Instead want to take a picture off the check on our cell phone sent it to the bank and have the money appear magically in our account.

What I’m now waiting for is a way that I can be deposit my paper check into my virtual world on virtual world Second Life.  Then I can access my real money from my virtual bank to spend in my virtual world and in the real world.  Amazing times we live in.

Interested in remote deposit capture services?


Check 21 Remote Deposit Capture (RDC)

In a transformation as profound as that from pony express to email, Check 21 legislation enabled the deposit and clearing of all types of paper checks — including business to business checks — through electronic image transfer.  Payroll, corporate, commercial, treasury, travelers and consumer checks can now be digitally imaged, deposited and settled electronically.

Remote Deposit Capture (RDC) brings the benefits of electronic image processing directly to a business location.  Advantages of RDC include shortened settlement times; elimination of transportation costs; extended windows for submission, earlier notification of potential fraud; and fewer staff needed for sorting, balancing, bundling and delivering paper items.

It’s simple to get started with RDC.  All a business needs are a computer with an internet connection, a check scanner, and a RDC service provider.

Checks are passed through the check scanner which creates a digital image of the check.  The image file is transmitted through a secured encrypted internet connection directly to a bank or through an RDC service provider sent on to the Federal Reserve for clearing.  Cleared funds are quickly settled to a current business depository account.

The entire clearing and settlement process can be viewed in online.  Check images are archived and easily available for retrieval and viewing.  Management reports can be created from any variables to help streamline cash management functions.

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Mobile Phones for Check 21 Remote Deposit Capture

Send Bank Deposits with Your Cell Phone

Consulting firm Mercatus surveyed US mobile banking customers on how likely they would be to use Check 21 remote deposit capture through a mobile phone. 

Not surprisingly, 66% of those age 26-34 and 69% of those 35-44 said they would use the service if it was available through their banks.

Very few banks now offer remote deposit capture by mobile.  The service enables users to convert a paper check to an electronic transaction by taking a picture of the front and back of a check and transmitting the image digitally to their bank.

The most alluring part of the service is the convenience and easy of use.  Most people do not want to drive to a bank to deposit a check if transmitting a digital image gives them the same result, which is depositing money in their bank account.

USAA is the most prominent financial institution offering remote deposit capture via mobile.  Since the company first offered the service in August of 2009, over $300 million in deposits have been made to the bank via mobile.


Mobile deposits for remote deposit capture will be the preferred method of deposit for 1.5 billion checks by 2014.

Remote deposit capture is not a big money maker for banks; but it could be a good promotional device for banks.  The high degree of consumer acceptance gives a marketing opportunity to banks to offer the service as a way to garner new customers.  

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Check 21 Remote Deposit Capture

A new report titled the 2009-2010 Payments Processing Benchmark Study has just been released by Taipi . Interesting highlights include:

  • The Federal Reserve Bank System is encouraging migration from paper to image-based check clearing by increasing the fees for clearing paper checks. There are now only 4 sites for clearing sites for paper checks is now in paper check as compared to 45 just a few years ago.
  • Check 21 remote deposit capture and image clearing are gaining ground as alternatives to paper-based systems. Image replacement clearing will continue to affect the economics of the remittance processing industry in the coming years.
  • Advances in image extraction and one-pass processing combined with Check 21 deposits provide more benefits than ACH or image deposits alone.
  • ACH ARC payment processing peaked at 2.7 billion payments in 2008 and will be lower than that for 2009.
  • Paper check volumes are continuing to decrease. However, tens of billions of paper checks will continue to be written annually by consumers and businesses for bill payment. Processing paper checks are still very cheap compared to the cost of processing a debit or credit card payments.
  • Online bill payments and emerging mobile payments will transform the payments mix for billers. The new technologies offer new opportunities but add complexity as customers, banks and billers respond to an array of payment processing options.

Interested in remote deposit capture, ACH, or electronic check payment processing?

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