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Login via your organisation, best practices in product development: a case study of remote deposit capture.

The rapid evolution of image technology has brought with it the birth — and dynamic growth — of remote deposit capture (RDC) services. As financial institutions continue to explore new means for converting paper cheques into various electronic forms for processing, RDC has been one of the most successful payment products introduced in the last 30 years. Whether in markets where paper cheques have readily given way to electronic payment methods, or where paper cheque usage is much more abundant, RDC fills a need. This paper profiles the experience of Comerica Bank, which saw the opportunity represented by RDC in the marketplace. Because of the awareness of the opportunity, the bank saw the need to place the development of its solution on a fast but thorough track. It explored the use of its formal project methodology, detailed planning and communication plans as well as risk management. As with all new development, the bank challenged its development standards and tested the recommendations extensively. This dedicated approach to detail and process led to the successful introduction of this product. The paper documents a significant number of important observations throughout this journey, presents a brief history of RDC and shows how the marketplace is embracing it. Most important, however, is the sharing of best practices and lessons learned by this organisation as it developed its RDC solution.

The full article is available to subscribers to the journal.

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• Reports & insights

Deposit Gathering Using Remote Deposit Capture: Case Studies from A to Z

With a critical need to grow deposits, more banks are turning to RDC to do so. An analysis of some of these relative few shows how it’s done.

In a new report, Gathering Deposits Using Remote Deposit Capture: Case Studies from A to Z , Celent looks deeply into the use of remote deposit capture (RDC). Drawing upon a December 2008 survey and multiple in-depth interviews, Celent concludes the majority of US financial institutions remain defensive and conservative in their approach, focusing on existing clients. The result is that for many banks, deposits collected via RDC have not amounted to much. But a minority of banks are making a significant impact on deposit growth using RDC.

Thus far in the product’s evolution, RDC has not been uniformly effective as a means to grow core deposits among financial institutions. "Among some financial institutions, RDC has barely moved the needle. Among financial institutions that have embraced the self-service deposit gathering potential of RDC, results have been significant," says Bob Meara, Senior Analyst in Celent’s Banking group and author of the report. "Banks have a choice to make: grow deposits or earn high-margin fee revenue. It’s going to be increasingly hard to do both."

The report begins by reviewing the market dynamics that have given rise to a notable increase in the thirst for deposit growth. The report then examines the spectrum of results achieved among surveyed financial institutions in RDC deposit gathering, along with the difficulty banks are having in assessing progress in this area. The report then details common elements in effective deposit gathering using RDC based on a December 2008 survey of financial institutions and multiple interviews. Finally, the report profiles three banks, Anchor Bank, Fifth Third Bank, and Zions Bank, representing a diverse approach to deposit gathering using RDC.

This 48-page report contains 18 figures and 13 tables. A table of contents is available online.

Members of Celent's Corporate Banking research service can download the report electronically by clicking on the icon to the left. Non-members should contact [email protected] for more information.

Check out these resources: Branch Automation Infographic | Retail Automation Ebook | Cash Automation Business Case

Efficient transactions.   Total Control.

Banking 

Remote Deposit Capture Solutions

Many banks managed the procurement, delivery and installation of check scanners and software themselves in the early stages of their Remote Deposit Capture programs. As their RDC program success grew, so did the problems in managing deployments, ensuring compatible software installations occurred and supporting valued clients. 

Avivatech offers end-to-end RDC services to save money, time and resources--all while enhancing customer experiences.

Fulfillment, case study: southstate bank .

After a merger or acquisition, it can be challenging for a bank or credit union to migrate RDC customers to one platform. 

Read this case study to find out how SouthState Bank used our RDC services to conquer this challenge.

RDC Services from Avivatech

Fulfillment

  To meet the needs of the fulfillment requirements banks face, Avivatech offers a one-stop online ordering solution for our customers that includes procurement, delivery and installations, an experienced support team and more. Our fulfillment program allows you to focus on the business of banking while we focus on handling all of the details.  

Our large inventory of scanners eliminates the need for up-front purchase or any minimum purchase requirements. In most cases, we offer same day shipping. If requested, each scanner is deployed with a customized welcome kit filled with information you require to help your merchants get started. And should a scanner under an advanced warranty need replacing, we’ll get it to your merchants overnight.

Avivatech can assist with support for your entire merchant fleet. Avivatech offers customized help desk support packages designed to meet your institution's unique requirements.

If your bank or credit union is acquiring another or you are changing software providers, you will likely need to convert your RDC clients to the new software.

Our staff is experienced in these conversions since they understand the RDC applications, installing check scanner drivers and the various options that need to be set in browsers to work with different software.

Avivatech has a comprehensive service to fulfill this niche requirement by accommodating clients’ schedules and providing detailed tracking and status reporting.

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Blue Bank Remote Deposit Capture Project

Added on   2020-07-23

   Added on  2020-07-23

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Remote Deposit Capture in Cash Application

What you’ll learn:, get a virtual demo of cash application cloud.

• Automatically aggregate remittances from the email bodies, attachments, customer web portals across all standard file formats and languages.
• Leverage AI-based multi-OCR engine to accurately capture check remittances and eliminate 100% lockbox key-in fees.

Manual invoice matching and deduction coding often lead to slow cash posting.

Your analysts still need to review invoices line-by-line and match them to payments received from the bank.

Additionally, your cash application teams encounter exceptions such as incomplete invoice numbers or complex parent-child scenarios for large, global enterprises.

HighRadius Cash Application Cloud helps you to achieve up to 95% straight-through cash posting. Cash Application Cloud automatically matches open invoices with payments received, even at a line-item level.

In case of an incomplete or missing invoice number, Cash Application Cloud leverages AI capabilities to match invoices to payments using non-reference data such as sales order numbers and purchase order numbers.

Cash Application Cloud automatically maps customer reason codes into ERP-specific reason codes without any manual intervention.

To learn more, book a free demo with HighRadius

Cash Application Cloud

• Learn how you can automatically aggregate remittances from the email bodies, attachments, customer web portals across all standard file formats and languages.
• Understand how you can leverage AI-based multi-OCR engine to accurately capture check remittances and eliminate 100% lockbox key-in fees.

Your cash application teams spend a lot of time manually extracting remittances from checks, emails, EDIs, and customer portals.

But that’s not all! They also have to manually identify and link the appropriate remittance with the payment. These repetitive, manual tasks lead to slow cash posting.

HighRadius Cash Application Cloud helps your analysts auto-extract remittance data across checks, emails, EDIs, and customer portals.

Remittances can be aggregated across all standard file formats and in multiple languages.

Cash Application Cloud leverages AI-based, multi-engine OCRs to accurately capture check images. This way, your cash application teams can eliminate 100% lockbox data capture fees.

The AI-based, template-agnostic technology helps to auto-extract remittances from email bodies as well as attachments. Your analysts can automatically identify customers who made payments from the domain of the customer’s email address.

Cash Application Cloud leverages in-built RPA technology to aggregate remittances from various customer portals. The bots securely log into customer portals using tokenized credentials to extract and collate remittance data in a single place.

To learn more, book a free demo with HighRadius.

• For no remittance scenarios, explore how AI can be leveraged to predict invoices as potential remittances. 
• Learn how Cash Application Cloud seamlessly integrates with Collections Cloud to scan and identify payment commitments as potential remittances against a pending payment.

Customers often make payments without sending the remittance information. As a result, your cash application teams have to spend a lot of time making requests for the missing remittance from the customer.

Multiple interactions between cash application teams and customers not only impact the customer experience but they also slow down the cash application process.

HighRadius Cash Application Cloud leverages AI and Machine learning algorithms to predict invoices as remittances against a particular payment.

Based on your past analyst actions, AI recommends a set of invoices that can be potential remittances. Your cash application analysts can then make a decision based on the confidence score and choose the appropriate remittance against the payment.

Additionally, Cash Application Cloud integrates with Collections Cloud to scan and identify any open payment commitments that can be treated as potential remittance advice.

Your collectors can also create remittances while speaking with your customers. The collector-submitted remittances are then automatically fed back to Cash Application Cloud.

• Get insights on how Remote Deposit Capture(RDC) ensures faster reconciliation of cash by scanning checks and remittances through RDC scanners for remote deposit in banks.
• Explore the benefits of Mobile RDC: Enable your field agents to scan the checks and remittances with their mobile phones.

In small and medium-sized businesses, the cash application teams often deal with check-heavy payment processing and expensive lockbox services.

With field agents physically collecting checks and depositing them to the bank, cash application is delayed. Additionally, your cash application analysts have to spend a lot of time manually processing cash.

With HighRadius Cash Application Cloud, you can achieve up to 95% straight-through cash posting by directly submitting checks through Remote Deposit Capture machines(RDC) or scanned via mobile apps.

Your customers no longer have to send checks to the banks. They can send checks directly to your office and the check data is captured accurately with magnetic strip-based MICR and Optical Character Recognition.

With mobile RDC, your field agents can scan checks and remittances in their mobile phones – anytime, anywhere.

Once the check is scanned, an electronic file is created in a bank-compatible format for transmission to the banks. Another version of an electronic file is created for internal cash application purposes. Your analysts no longer need to manually apply cash.

Sounds interesting? To learn more, book a free demo with HighRadius

• Explore how you can leverage the power of Integrated Receivables to handle no remittance scenarios
• Learn how Cash Application Cloud integrates with Collections Cloud to scan all open payment commitments to consider them as potential remittances.
• Explore the benefits of Integrated Receivables: Your collectors can create remittances while speaking with the customers. This remittance information is fed back to Cash Application Cloud automatically.

Whenever your cash application team encounters missing remittance information, they reach out to the customer. Not only does this create a poor customer experience, but it also slows down the Cash Application process.

HighRadius Integrated Receivables helps your cash application team to access necessary remittance information without interacting with the customers.

With HighRadius Integrated Receivables, you can let your collectors create remittances and consider payment commitments as potential remittance information. Cash Application Cloud seamlessly integrates with Collections Cloud to scan open payment commitments for potential remittance information.

A payment commitment is considered a remittance if the payment amount and date match the promised payment amount and date. Additionally, your collectors can also capture remittance information when speaking with customers, key it into an integrated portal and automatically push the remittance recommendations to the cash application team.

To learn more, book a demo with HighRadius.

Get a 1:1 Assessment of Your Cash Application Process .cta-block h3{max-width: 525px;}

Book a complimentary assessment of your cash application process and benchmark it with your peers, frequently asked questions, what type of payments does cash application cloud support.

Cash Application Cloud supports all types of payments such as checks, wire transfers, ACH, credit cards, debit cards, SEPA direct debit, GiroPay.

Do I still need my existing lockbox services?

HighRadius Cash Application Software helps you significantly reduce your lockbox data capture fees by accurately capturing check remittance data with AI-based multi-OCR engines. The scanned check image quality is enhanced with AI capabilities by ensuring minimal noise.

Can Cash Application Cloud integrate with my existing ERP?

Cash application is not complete until the payments are successfully posted to ERP. HighRadius Cash Application Software enables integration with your legacy systems and existing ERPs like SAP, JD Edwards, MS Dynamics, Infor, NetSuite & others, each with their unique configurations.

Can I configure Cash Application Cloud to handle different remittance formats in multiple languages?

HighRadius Cash Application Cloud is highly configurable. Based on your business requirements, Cash Application Software can support various payment file formats(BAI2, MT940) and 20+ remittance formats(CSV, Excel, JPEG). Additionally, Cash Application Cloud supports 10+ Latin and Non-Latin languages.

HighRadius Cash Application Software enables the end-to-end automation of the cash application process to help you achieve 95% straight-through cash posting and 100% savings in lockbox data capture fees. With automated remittance data capture , AI-based invoice matching with payments, and deduction coding , your analysts can focus on exception handling. Cash Application Cloud simplifies exception handling with the help of AI-based exception handling recommendations.

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Colleen Zdrojewski

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