Jack Henry & Associates Inc. says its remote deposit-capture, or RDC, solution continues to set new volume records. RDC is a Web-based electronic payment-processing platform that enables businesses to make remote deposits by scanning the checks they receive as payment and converting them into electronic transactions that are processed through Check 21 image exchange networks. According to a news release from Jack Henry & Associates, the company sells its RDC solution to financial institutions and other businesses outside the financial-services industry that, in turn, offer it to their merchant and business customers.
The RDC solution now supports more than 22,000 merchants and 85,000 merchant locations. RDC is an enterprise-wide solution for Jack Henry & Associates that is sold to the core bank clients supported by Jack Henry Banking, to the core credit union clients supported by Symitar and to financial institutions outside the company's core client bases, as well as to other diverse businesses through Jack Henry's ProfitStars division.
After a record-setting July, during which more than 11.4 million RDC transactions were processed, volumes continued to increase. Another monthly record was set in August, when more than 11.7 million RDC transactions were processed. The collective transactions processed during this two-month period represent more than $18 billion, Jack Henry says.
An all-time daily record also was set on Aug. 3, when approximately 875,000 transactions were processed, representing more than $800 million in collective transaction amounts and approximately 100,000 more transactions than the previous daily record.
Bill Phillips, group president for ProfitStars' Enterprise Payment Solutions group, says RDC is leveling the playing field for U.S. FIs:
RDC is evolving into a service financial institutions must offer to successfully compete for and retain lucrative commercial customers. This high-demand service generates tangible benefits for our financial institution clients, including the ability to expand their reach beyond their traditional markets, enhance their competitive position and customer convenience, increase revenue and improve operating efficiencies. This convenience-driven service also generates an important benefit for businesses that are concerned about cash flow in the challenging economic environment, since RDC expedites funds availability and reduces routine business expenses.
Jack Henry also offers Dep@sit, a microbusiness capture solution that enables small businesses and individuals to deposit small numbers of checks remotely using off-the-shelf home flatbed scanners.
