In Remote Deposit Capture (RDC), businesses use bank check scanners to create images of financial documents that are used in place of the original documents. This prevents a company from having to deliver the documents to the branch location by courier.
For institutions and their customers, RDC brings significant benefits and changes the way paper transactions are handled. You can know more about credit union remote deposit capture via https://en.psfcu.com/remote-deposit-capture.
What are the benefits of RDC for businesses?
RDC has several important benefits for business, such as accelerated check clearing, improved funds availability, enhanced cash flow; reduce return item risk, processing costs, and transportation costs; increased convenience, and the consolidation of banking relationships.
What are the benefits of RDC for financial institutions?
Financial institutions benefit form RDC in several ways. For one, they can lower transportation costs by reducing trips to the ATM, and eliminating the transportation of foreign customer cash letter deposits.
Another benefit is the new revenue streams that result from expanding the customer territory by accepting RDC deposits. Remote deposit capture also benefits financial institutions by reducing processing and clearing costs.
What are the requirements for an RDC system?
Implementing an RDC system has four basic requirements. The customer must have a depository institution that participates in RDC, form a contract with an RDC service provider, purchase scanning equipment, and develop updated legal agreements that deal with any risks associated with the RDC process.
A financial consultant who is familiar with the RDC process can assist with the implementation.