Question: We're looking at remote deposit capture. How do we evaluate the software required to deploy?
Answer: Remote deposit capture software platforms equip financial institutions with the technology required to deliver remote capture capability to their corporate customers. Generally, such platforms consist of two primary components - the client software and the bank platform.
Client software enables customers to capture checks and create electronic deposits working with a desktop check scanner. The application should be easy to install and simple to use with a highly intuitive interface. The client application should enable corporate customers to streamline their deposit preparation and automatically update their accounting system. For security, the client application should locally encrypt any stored payment data and securely transmit electronic deposits to the bank for processing.
Other high-priority considerations in client applications include support of:
Both check conversion (ACH) and truncation (Check 21) in a single deposit
Courtesy Amount Recognition and Legal Amount Recognition (CAR/LAR).
Image Quality Analysis (IQA)
Duplicate checking
The core bank platform is the core electronic capture infrastructure used for customer setup and maintenance, risk analysis, and daily system operation. Deposits transmitted by the corporate capture clients are received at the platform for processing. The platform should validate deposits and, if necessary, queue them for review by designated bank personnel.
The platform should provide sufficient functionality to facilitate administration of the system. Tools must be provided to administer the corporate client environment; providing financial institutions with means to create customer-specific processing and business rules, risk and security parameters, user profiles, and access control.
Highly functional platforms also provide a wide range of utilities for monitoring, adjusting, and managing incoming deposits. A platform should provide workflow management tools to support multiple deposit review agents within the bank. Deposits that fail business rules are pushed to agents for review and adjustment, as necessary.
Rapidly launching a business-winning remote deposit capture solution may be at odds with the realities of your organization: conflicting internal projects, IT "mindshare", resource constraints and budgetary restrictions. For such cases, you may consider a hosted and managed platform to access a quick deployment method for bringing to market a remote deposit solution. Many vendors offer such services, but often offer "light" versions of their client software and platforms. To achieve the necessary level of market competitiveness with your offering, you should limit your evaluation to vendors offering fully-featured hosted offerings that provide the same full set of functionality available to customers that license and install the technology in-house.
NetDepositNetDeposit, Inc. provides solutions that enable financial institutions to take full advantage of new electronic payment alternatives for the C21 Marketplace. NetDeposit provides the technology, services and hardware for your cash management and correspondent banking customers as well as retail banking needs. For more information on all of products and services please visit: www.netdeposit.com, or call Ryan Christopherson at 801-273-6067.
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