The Secure eCheck Remote Deposit Capture Program - PowerPoint PPT Presentation

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The Secure eCheck Remote Deposit Capture Program

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Paper check and transaction data converted to electronic image. Federal Reserve clears ... Accurate Electronic Cash Letters. Clear image software (CAR/LAR) on ... – PowerPoint PPT presentation

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Title: The Secure eCheck Remote Deposit Capture Program


1
Remote Deposit Capture
AKA CHECK-21
with Progressive Solutions
2
What is Remote Deposit Capture? (RDC)
Scan Checks Remotely Electronically Deposit and
Clear YOU GET YOUR MONEY FASTER
Bank
Your Location
3
The Old Way Manual Deposit Process
Consumer mails payment to you
Check received, opened, data entry and
information uploads to the accounts receivables,
customer, and other databases.
Deposit prepared including counting the number of
checks and adding the value of checks at least
twice to ensure accuracy.
Deposit is physically transported to bank for
deposit.
Up to 5 days for deposits, clearing, settlement
4
Paper to Electronic
Check received via mail or at a payment center
Paper check and transaction data converted to
electronic image
Processor compiles files and submits to Federal
Reserve
Federal Reserve clears
Money settled to existing depository account
5
ACH Accounts Receivable Conversion (ARC)
  • Governed by complicated NACHA rules
  • ACH network is batch oriented
  • Slower money settlement
  • Additional work needed to separate checks

6
RDC Best New Way
Faster
Funds can settle next business day
Flexible
ALL CHECK TYPES
  • Business
  • Corporate
  • Government
  • Consumer
  • Cashier
  • Travelers

7
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8
Overview of the Transaction Process
The scanner is connected via USB. The scanner
creates TIF Images of the checks. Images are
sent via secure connection over internet to
secure server where images are analyzed to be
certain that it is a legitimate and has the
necessary attributes for successful image
processing. Images sent to the Federal Reserve.
Cleared funds settle to your existing bank
account.
Your enterprise application, or utility software
Checks are scanned into the imager either
individually, at the point of payment, or in bulk
RDC Platform with Image Archive, Transaction
Management, and Export Utilities
High-speed Internet or LAN
Federal Reserve Bank
Your Depository Bank
9
RDC Growth
Locations
10
RDC Growth
Volumes
11
RDC Growth
Values
12
Lightning Fast Authorization
  • In a POS environment, an authorization message is
    returned indicating the acceptance of the
    transaction within approximately three seconds
  • In a bulk processing environment the check
    images can processed individually or compiled
    into a batch which can be reviewed, edited, coded
    and submitted at your option 

13
Results
  • Fast Settlement for increased cash flow and
    improved credit rating
  • Reduce transportation costs with fewer trips to
    the bank reduced courier or mail fees
  • Increased Productivity Save time processing
    checks, creating and making bank deposits,
    correcting errors, categorizing payments,
    applying payments to billing files or registers
    and maintaining detailed records and copies of
    payments.
  • Extended deposit deadlines
  • Deposits up to 800 PM EST

14
Improve Streamline Operations
  • Improved disaster recovery
  • Permanent archive of check images
  • Eliminate sorting, storing, or managing physical
    checks
  • Consolidated bank accounts
  • Reduce analysis, reconciliation, and management
    fees
  • Streamline Operations
  • Fast recording and accounting of receipts and
    payments
  • Eliminate manual entries through unique Optical
    Character Recognition that instantly reads all
    hand written items on the check
  • Verifies the account and account holder
  • Quick capture of fraudulent checks

15
Benefits
  • Accurate Electronic Cash Letters
  • Clear image software (CAR/LAR) on server (not
    scanner)
  • Ensures accuracy in files and cash letters
  • Eliminate Manual Endorsements
  • Endorsement automatically placed on the check
    image

16
Added Value Multi-Function Platform
17
Multi-Channel on Single Platform Optimal
Flexibility
18
Easy Reporting
  • Transaction Reports by day, batch, week, month,
    year, client, purpose or ledger category
  • Select any transaction to see the images appended
    to that transaction and other transaction detail

19
Compile and Review Reports with Ease
  • Daily Transaction Report notifies Client of any
    Returned Items and displays total batch for the
    day
  • Images and details become part of permanent
    archive
  • Daily batch review

20
Reconciliation and Ledger Management
  • Easily create purposes and apply ledger account
    codes
  • Payments can be coded by purpose, ledger account
    and more. Other data, notes, payer information
    and an accompanying image can be appended to the
    transaction and stored in the archive. 

21
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