The Green Sheet Online Edition
November 22, 2010 • Issue 10:11:02
A new remote deposit capture (RDC) product from Wausau Financial Systems Inc. gives merchants the ability to make digital check deposits in real time using either a flatbed scanner or a mobile phone.
The Deposit 24/7 remote deposit capture suite embodies, in two different ways, the digitization of modern payment products, said Kathy Strasser, Executive Vice President of Solution Management for Wausau Financial Systems.
One is that it digitizes checks for electronic transmission to the depositor's bank account, using online and mobile channels.
The other is that, aside from a flatbed scanner used with a desktop computer in brick-and-mortar environments, Deposit 24/7 does not require hardware. Rather, merchants acquire the capability to deposit checks electronically either through an online download on a desktop computer or a smart-phone application if they're using the mobile version of Deposit 24/7, which does not require a separate scanner.
A 'thin' application
"The software is web-based when you go to set it up," Strasser said. "You download the application from the Internet, so you don't have to buy a CD to install it. ... So it's a thin-client application: there's only a little bit of technology that resides on your PC."
Mobile users of Deposit 24/7 capture an image of a check with their phone's digital camera. The program works with Apple Inc.'s iPhone, the Research in Motion BlackBerry, Google Inc.'s Android and other mobile devices on Microsoft Corp.'s Windows Mobile platform. It can be used to deposit business and personal checks, according to Wausau Financial Systems.
"If you are a brick-and-mortar [business] and have so many checks a day, you might want to do that in the office," Strasser said. "But if you are going out to a fair or a food market or whatever, you can [accept checks] and you stand and take pictures and get those deposited right into your account."
The service also includes a risk monitoring component that uses various criteria and methods to determine a check's validity before sending it off for deposit.
Those include velocity and dollar limits, duplicate detection (for checks scanned more than once) and image analysis. Transactions that do not pass muster are flagged for review, Strasser said.
Adjustable parameters for risk monitoring
Specific risk parameters are determined by the financial institution at which the checks are deposited, sometimes in conjunction with the depositor.
Strasser said the bank can either establish one set of parameters for all of its RDC clients or tailor its settings to each merchant, depending on considerations like transaction volume and risk level.
The program's image analytics include reading magnetic ink character recognition fields, sharpening the image by bringing it into better focus, removing shadows and other blemishes, and ensuring the image passes Check 21 standards, according to Strasser.
Checks that are run through Deposit 24/7 are transmitted for deposit at the time of each transaction rather than in a batch at the end of the day, Strasser said. She said the program also includes an online portal where merchants can view transaction histories, including the scanned check images.
Wausau Financial Systems Inc.
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