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Remote deposit capture: the shape of things to come

CFO: Magazine for Senior Financial Executives, May, 2005

Wachovia leverages Check 21 with virtual deposits

Check 21 legislation has ushered in a dramatically different model for commercial banking. The emerging next generation of check solutions allows companies to scan checks and electronically send the images and related data to their banks for deposit with no paper to follow.

Companies who use their own image equipment for deposit preparation or who outsource to a lockbox provider are poised to take advantage of these solutions. But what about those companies that do not have their own image-scanning equipment or a lockbox service?

Remote possibilities no longer a remote idea

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As part of Wachovia's remote deposit capture (RDC) strategy, an image-capture and electronic-deposit capability is available to the broader corporate community. Clients use a desktop image scanner and Wachovia's software to create an electronic deposit, balance the deposit amount and then deposit their checks at Wachovia via the Internet.

Wachovia's RDC solution eliminates trips to the bank for check deposits, thereby speeding a company's deposit process. Clients benefit from improved cash flow and reduced check-related courier expense. It also facilitates client efforts to consolidate depository accounts and banking relationships.

Wachovia continues to be at the forefront of the banking industry's movement toward image exchange, which promises to enhance the efficiency of the nation's check-clearing system. According to Joe Cornelius, Vice President in Wachovia's Treasury Services Division, "In addition to our overall RDC solution, Wachovia's desktop solution integrates the bank's own image-exchange capabilities. As image exchange ramps up, Wachovia is market-ready to provide new innovative offerings that extend additional benefits to our clients."

Mobilized demand for a mobile solution

The first of many emerging solutions associated with Check 21 is resonating with clients. "Our desktop solution has generated a lot of excitement," says Cornelius. "Clients were clamoring for the solution even before it existed. After all, with a small desktop scanner, a PC and an Internet connection, a company can make a deposit from any geographic location."

As its remote deposit capture strategy evolves, Wachovia continues to shape tomorrow's virtual banking world.

Business Services Industry

Remote deposit capture: the shape of things to come

CFO: Magazine for Senior Financial Executives, May, 2005

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