Remote Deposit Capture has been called “The most important development the (U.S.) banking industry has seen in years” by the Federal Reserve and others. The benefits of this service, referred to as Remote Deposit Capture (RDC) or NorthStar Remote, include:
- Improved deposit availability
- Accelerated clearings
- Reduced return item risk
- Reduced photo coping cost
- Bank from anywhere
- Reduced transportation cost & risk
It is important to note that not all solutions are the same.
What is Remote Deposit Capture?
Remote Deposit Capture, in its most simple terms, is a service which allows a user to scan checks and transmit the scanned images and / or ACH-data to a bank for posting and clearing. The basic requirements for an RDC service currently include a PC, an internet connection, a check scanner and a service provider such as NorthStar Bank. Checks you receive at your business location can be scanned to create a digital deposit. This digital deposit is then transmitted (using 128K bit encryption) to NorthStar Bank, who posts the deposit to your account and assigns availability based upon availability schedule.