|
Pinnacle Resource Center Remote Deposit Gaining Ground The Check 21 legislation passed by Congress in 2004 ushered in a new era of banking and struck a real blow to the paper check. For businesses, it opened up a new door to efficiency. The legislation contained a provision that allows banks to clear a check based on an image of the check in lieu of the actual check. As a result, financial institutions began offering remote deposit capture, a way for businesses to make deposits electronically rather than physically going to a bank office. Remote deposit is most beneficial for companies whose receivables are paid primarily via paper check. With a remote deposit scanner onsite at the business, a business employee scans checks electronically, and the electronic image is automatically sent to a specified deposit account via a secure internet connection. With Pinnacle's remote deposit service, at the end of the business day the firm collects one file of all checks scanned throughout the day. At that point the deposit can be viewed by authorized users via the company's online banking account. Pinnacle credits the amount to the business that same day. In most cases, funds are available the next day, based on the availability assigned to the checks. Pinnacle then keeps an Internet-based archive of the electronic checks, which can be accessed by the business at any time. Pinnacle's treasury management advisors say the two greatest benefits cited by clients are:
The biggest issue with remote deposit thus far has been the popularity of the new capability. So many businesses have signed up for it that manufacturers of the scanners have had trouble keeping up with the orders. For more information on remote deposit, contact your financial advisor or visit these sections of remotedepositcapture.com, which provide helpful information from a business perspective.
|
Comments? Please contact us.
