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Amendments to Federal Reserve Regulation CC, including several related to RDC, take hold in July. Changes provide new framework for dealing with duplicates, and also could usher in new operational challenges.
(RemoteDepositCapture.com, 04/11/2018)
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Checks, in the minds of many, are synonymous with paper. But checks have been on an automation tear for the last half century. Today, the only paper left is what payers and payees handle, and even that can be eliminated.
(RemoteDepositCapture.com, 04/04/2018)
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The Fed is proposing changes to Regulation J which, if adopted, would effectively put the kibosh on electronically-created items (ECIs). The proposal, for example, would require FIs to warrant that checks cleared through the Fed began as paper items.
(RemoteDepositCapture.com, 03/22/2018)
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Pending Reg CC amendments, set to take effect in July, do not address funds availability for RDC items. Any changes in federal funds availability requirements for consumer deposits need input from CFPB.
(RemoteDepositCapture.com, 03/08/2018)
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Ten years after being introduced to the marketplace, all signs point to a strong growth trajectory for the foreseeable future for mobile remote deposit capture.
(RemoteDepositCapture.com, 03/02/2018)
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Remote deposit capture is fundamental to successful banking strategies. But expanded and enhanced feature functionality will be critical to mass adoption and long-term success.
(RemoteDepositCapture.com, 02/22/2018)
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Financial institutions are seeing spikes in many types of payment fraud, but seem to be holding the line on check frauds.
(RemoteDepositCapture.com, 02/13/2018)
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The past few years have brought several corporate combinations in the RDC space, pointing to continued industry dynamism.
(RemoteDepositCapture.com, 01/24/2018)
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For financial institutions, constantly under threat from nonbank disruptors, RDC has become a go-to tool for improving customer service, growing revenues and combatting fraud and other risks. Here’s a look at how this will continue to play out in 2018.
(RemoteDepositCapture.com, 01/18/2018)
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Realizing the full potential of RDC will require banks and credit unions to remove unnecessary barriers to adoption. Rethinking deposit limits is a good start.
(RemoteDepositCapture.com, 12/07/2017)
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Remote deposit capture is a rich source of data. Financial institutions can leverage that data to support new revenue-generating offerings, provided the data isn’t siloed and can address real business needs.
(RemoteDepositCapture.com, 11/20/2017)
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Mobile RDC can help financial institutions attract and retain customers willing to pay for expedited availability on their check deposits. But not many FIs are pursuing this green-field opportunity.
(RemoteDepositCapture.com, 10/31/2017)
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The right combination of RDC risk management tools, leveraged intelligently, can help FIs spot and stop fraudulent check deposits common to account takeover (ATO) schemes.
(RemoteDepositCapture.com, 10/25/2017)
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Pending amendments to Regulation CC addressing duplicate deposits raise several new legal and operational considerations that need to be worked out by next July.
(RemoteDepositCapture.com, 10/04/2017)
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RDC technologies are continually evolving. What should banks and credit unions consider when evaluating new RDC platforms?
(RemoteDepositCapture.com, 09/05/2017)
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Mobile deposit adoption continues to be driven by enhancements that simplify end-user experiences and address financial institution concerns about errors and fraud.
(RemoteDepositCapture.com, 08/24/2017)
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Better analytics, partnerships, and real-time lookups across institutions gain prominence as banks and credit unions seek to curtail duplicates and other risky check deposits.
(RemoteDepositCapture.com, 08/18/2017)
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There is broad industry support for amending Regulation CC to clarify legal liabilities in instances when a truncated check is later deemed to be fraudulent.
(RemoteDepositCapture.com, 08/09/2017)
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Receivables solutions are evolving to address growing corporate demand for true end-to-end automation and integration. Banks are catching on.
(RemoteDepositCapture.com, 07/31/2017)
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Mobile banking, despite being a hit with consumers, has been a swing and a miss with most businesses. To win over businesses, especially small companies, FIs should pitch to real business needs, like payment acceptance and receivables processing.
(RemoteDepositCapture.com, 07/20/2017)
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Demand is building for integrated receivables solutions. Financial institutions, even small community banks, can leverage third-party solutions that respond to this demand, adding clients and expanding relationships.
(RemoteDepositCapture.com, 07/18/2017)
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It’s time for a new, more intelligent approach to managing RDC risks. Restrictive endorsements, intelligent recognition, geo-location, deposit patterning and other capabilities emerge as go-to tools.
(RemoteDepositCapture.com, 06/30/2017)
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The Federal Reserve Board has amended check collection rules to reflect the fact that check clearing is now a largely electronic process. This article describes changes that relate to remote deposit capture.
(RemoteDepositCapture.com, 06/21/2017)
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Fraudsters are learning new tricks in old fraud schemes. FIs can combat these fraud risks, though, with good KYC procedures and updated systemic capabilities and procedures.
(RemoteDepositCapture.com, 06/15/2017)
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Changes address decades-old rules that were creating uncertainties around RDC and electronic check initiatives, clarifies issues around alterations and forgeries, and enhances expedited returns.
(RemoteDepositCapture.com, 06/01/2017)
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This is the second in an on-going series examining considerations for evaluating RDC and related receivables solutions.
(RemoteDepositCapture.com, 05/18/2017)
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Are network-connected scanners with onboard intelligence the new paradigm for RDC solutions? What advantages do they provide over traditional scanners?
(RemoteDepositCapture.com, 05/08/2017)
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An indictment has been handed down in New York alleging an intricate scheme involving account takeovers and over $100,000 in duplicate deposits.
(RemoteDepositCapture.com, 04/27/2017)
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RDC hardware is not a one-size-fits-all proposition. Operational considerations and costs figure prominently among selection criteria.
(RemoteDepositCapture.com, 04/24/2017)
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Financial institutions have several advantages over digital disruptors. Branch modernization strategies that leverage intelligent capture technologies can be an important differentiator.
(RemoteDepositCapture.com, 04/13/2017)
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The federal government has slapped a multi-million dollar penalty on a small California bank for “willful violations” of AML rules, including turning a blind eye on suspicious RDC transactions.
(RemoteDepositCapture.com, 03/06/2017)
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Recent reports suggest financial institutions are missing the mark on mobile banking services for small businesses. Lackluster adoption of mRDC is one indication.
(RemoteDepositCapture.com, 03/03/2017)
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Most proponents of faster payments and payments modernization seem to be discounting checks. Over 98% of checks clear in under 24 hours. Eliminate the paper, and check transactions will clear in near-real-time.
(RemoteDepositCapture.com, 02/22/2017)
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Faster payments can lead to increases in fraud and other risks. And many technologies and processes that support faster payments can also support faster, better fraud & risk management, but it’s a balancing act.
(RemoteDepositCapture.com, 02/16/2017)
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Branches matter, but mobile access is becoming the price of admission to 21st century banking.
(RemoteDepositCapture.com, 02/08/2017)
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Mobile technologies, like mobile image capture, are providing new tools that help charities boost donations and corporates better manage cash. This creates new opportunities and challenges for banks and credit unions.
(RemoteDepositCapture.com, 01/25/2017)
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While Americans write significantly fewer checks today than they did 20 years ago, the decline has slowed to just 4.4% per year by number and 0.5% per year in value, according to a new Fed report.
(RemoteDepositCapture.com, 01/09/2017)
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A new generation of business owners is emerging, Millennialprenuers. And these young entrepreneurs want to more closely align their household and business banking experiences. Think digital.
(RemoteDepositCapture.com, 12/12/2016)
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Good news for banks and credit unions seeking to grow mobile deposit adoption among small and mid-sized businesses. Recent reports suggest large numbers are ready. Pricing and product positioning will be crucial.
(RemoteDepositCapture.com, 10/26/2016)
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Burroughs Corporation is exiting the RDC industry as Digital Check Corporation adds Burroughs SmartSource line of scanners to its product mix. What does this mean for end users?
(RemoteDepositCapture.com, 09/23/2016)
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The magic of remote deposit capture is that is that it has introduced new ways to address customer service that drive better efficiencies and revenue opportunities. So how do financial institutions keep the momentum going?
(RemoteDepositCapture.com, 09/16/2016)
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Offering Remote Deposit Capture can be risky business. But it doesn’t have to be.
(RemoteDepositCapture.com, 09/15/2016)
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A new Harris poll of U.S. consumers with bank accounts suggests nearly 4 in 10 use mobile deposit.
(RemoteDepositCapture.com, 09/12/2016)
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A growing number of innovations are emerging that leverage remote deposit capture and other digital technologies for faster clearing of checks and related information.
(RemoteDepositCapture.com, 09/07/2016)
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Information is power, but not in silos. This is especially true in risk management, where new technologies and processes combine to empower financial institutions to make better decisions, faster.
(RemoteDepositCapture.com, 08/23/2016)
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A federal judge in Illinois has tossed out a complaint brought by a Chicago business that wanted JPMorgan Chase held accountable for a duplicate check scam perpetrated against that business by one of its employees using Chase’s mRDC product.
(RemoteDepositCapture.com, 08/15/2016)
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The operational nuts and bolts have never been a glitzy aspect of banking. But that hasn’t held investors at bay, as evidenced by the recent acquisitions of RDC solution providers Alogent and Bluepoint Solutions by the investment firm Battery Ventures.
(RemoteDepositCapture.com, 08/05/2016)
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Beginning in January all check payments in the Philippines will clear electronically with next-day availability, guaranteed.
(RemoteDepositCapture.com, 07/26/2016)
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Depositing checks may not be the first thing consumers do when using mobile devices to access their bank accounts, but it continues to be a killer app that can lead to higher revenues and lower attrition for banks and credit unions.
(RemoteDepositCapture.com, 07/18/2016)
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Financial institutions must get serious about the small business market, or risk ceding control to new and emerging financial technology firms. Mobile services are a must.
(RemoteDepositCapture.com, 06/23/2016)