Remote Deposit Capture is Focus of New Tech Council White Paper

CUNA Councils
August 24, 2010 | COMMENTS

Remote Deposit Capture (RDC) promises to extend greater convenience to members while at the same time potentially reducing operational costs and investment in building infrastructure, according to a new white paper from the CUNA Technology Council.

RDC is when a member or business account holder utilizes an optical scanning device, such as a home-office scanner or mobile cell phone camera, to capture (scan) images of checks for deposit, upload them to a computer on site, and through a software application, edit and send the front and back images securely over the Internet to the credit union for processing and deposit.

As noted in “Remote Deposit Capture: Thinking Out of the Branch To Better Serve Members,” RDC is a valuable tool for credit unions that have:

• members who reside some distance away from a branch
• members who frequently travel or are stationed in other countries
• members whose college-age children are in a location without a branch
• members who wish or need to make deposits during non-business hours

RDC may also prove useful to credit unions that have a small number of branches in comparison to a large field of membership, as is the case with some select employee group (SEG)-based credit unions.

The new white paper covers key points related to RDC and RDC application development, including:

• the business rationale for offering Remote Deposit Capture
• eligibility criteria and deposit limits
• hardware and software considerations, including functionality and platform expansion
• image correction concerns
• vendor partnership
• fraud detection and risk management controls, including duplicate detection
• the importance of member education and trained back-up support

In addition, four credit unions are profiled through in-depth case studies, providing the reader with an understanding of how remote deposit capture functions as well as its primary challenges and advantages.

CUNA Council members are entitled to complimentary copies of these and more than 200 white papers; non-members may purchase the white papers for a price of $50 per copy.

The paper is available online in the white paper section of each council site – select the “Tech” tab.