Remote Deposit Capture

Aug. 12, 2009

White Paper

The Check Clearing for the 21st Century Act (Check 21) and the substitute check created new opportunities for financial institutions and their customers. But, the Act also created new operational and risk issues for financial institutions that take advantage of the opportunities and offer remote deposit capture to their customers giving them the convenience of electronically depositing checks. With remote deposit capture, instead of physically transporting checks to a banking facility, customers are able to scan checks on image scanners maintained in their own offices and transmit the images to the financial institution via the internet or dedicated lines.

This paper will address and provide suggestions for best practices to manage and mitigate risk in the following areas:
  • regulations,
  • laws, 
  • contracts, 
  • fraud detection,
  • operations and 
  • software capability.
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Topics: Check Cashing , Deposits / Check 21 , Regulatory Issues

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