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Remote Deposit Capture - Receipt of Deposit
Question: A consultant told the project team to make sure the Remote Deposit Capture system had a way to acknowledge receipt of the customers' file when they transmitted them. Why is that so important and how do you know if a vendor has it?
Answer: If you look on the back of your bank's deposit agreement for new accounts you will see the triggers that are turned on in the event that a bank "…fails to make a transfer." The same thing is true with Remote Deposit Capture-if the bank accepts the file they are agreeing to the same legal terms that appear on the deposit agreement for failing to make a transfer.
The first step in this process is to make sure you receive the file; therefore, your procedures should include verification of the files transmitted. If you only have a few customers then manual verification is not a big deal, but when your customer base grows to a hundred or two, the process should be automated. At any time during processing, you should have a report available that shows which customers transmitted files, how many transactions in each file and the dollar amount.
The customer's procedures should include printing the acknowledgement of acceptance of the deposit from bank and to file it in paper form or maintain an electronically copy-depending on volume. The customer should also verify the next day that the deposit posted to their account.
Remote Deposit Capture is like a lot of critical financial systems-there is no room for assumptions.
T. Houston Technology Group provides a full range of Remote Deposit Capture legal and regulatory documents, auditing work plans, marketing and training services for financial institutions. Since 1989, we have built a reputation based on technical quality and dedication to client service. Visit out Website at www.thouston.com.
First published on BankersOnline.com 6/12/06
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