Growth of Electronic Payment Processing

Following the events of 9/11, the U.S. Congress passed the Check Clearing for the 21st Century Act commonly known as Check 21. The act makes it possible to capture the image of a paper check and electronically transmit that image for
processing, clearing and depositing into a business’ bank account. The remote deposit capture (RDC) technology that has developed around Check 21 makes it possible for any size business to make convenient and secure deposits to their banks directly from their offices, saving transportation and courier costs.

Using web-based or desktop software and small desktop image scanners, deposits are processed using Automated Clearing House (ACH) transactions. Your checks clear faster improving your cashflow, and the administrative time it takes to process deposits is reduced dramatically. And we’ve taken the savings and convenience one step further with our Remote Remittance product that integrates an electronic accounts receivables function with traditional RDC products. That means your business will:

• Reduce costs by eliminating data entry keystroking of information into your accounting system

• Streamline payments processing with no need to manually post payments, prepare bank check deposits or transport them to the branch

• Extend deposit deadlines with next day availability of funds
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To learn more about our remote deposit and remote remittance products, please choose a link below:

Financial Institutions