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Remote Deposit Capture

Remote Deposit Capture. Paul Fritz Evangelical Christian Credit Union Product Management. Agenda. RDC Overview Benefits & Risks Determining Ministry Fit. Remote Deposit Capture Overview. Have You Ever Said….

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Remote Deposit Capture

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  1. Remote Deposit Capture Paul Fritz Evangelical Christian Credit UnionProduct Management

  2. Agenda • RDC Overview • Benefits & Risks • Determining Ministry Fit

  3. Remote Deposit Capture Overview

  4. Have You Ever Said… • Staff spends more time than I would like processing donations, preparing and transporting deposits • It takes too long from the time we receive the checks to the time the funds are collected and available in our account • I wish we didn't have to transport checks from one campus to another • Why does it take so long to learn about a returned check

  5. RDC Defined Remote Deposit Capture (RDC): • Service that allows a company to: • Scan checks through a desktop scanner • Electronically send checks to their financial institution • Receive credit for funds deposited

  6. RDC History • Check Clearing for the 21st Century • October 2004 • Checks processed & cleared based upon images • First Generation RDC • Big Banks/Big Corporations • Second Generation RDC • Holistic or Integrated Process

  7. What Makes Ministries Unique? • Donations vs. Receivables/Payments (Donors vs. Bill Payers) • Consistent deposits with varying frequency • Mixture of volunteers & paid staff • Integration of payment & donor information

  8. Current Operations Workflow Future Operations Workflow: Stand-Alone Solution Future Operations Workflow: Integrated Solution Effective Ministry Workflow Could Be More Than Checks

  9. Essential Elements • Scanner • Capture MICR information & check images from checks • Accompanying documents with contribution instruction • Can endorse the physical check • Software • Create & submit standard bank deposit file • Responsible for deposit preparation • Can be web-based • Match check MICR to donor record • Capture donor information & pass to donor system

  10. Essential Elements • Bank • Accept Deposit • Clear Checks & Deposit Funds to Your Account • Security • Check storage & destruction • Image & electronic data storage

  11. Donor vs. ACH vs. RDC • Donor System • Some scan check & capture MICR • Some scan check & capture MICR & image • Some create a standard bank deposit file • ACH • Consumer checks only • Less than $25,000 • Opt out • ARC & BOC • Capture & send MICR information only • RDC • Any US dollar check drawn on US Bank • No opt out • No exceptions • Capture & send check image & MICR information

  12. Benefits & Risks

  13. RDC Benefits • Reduced processing time/costs • Reduced transport costs & increased convenience • Reduced processing float • Enhanced cash flow • Faster notification of returned items • Consolidated banking relationships • Extended deposit deadlines • Simplified research process

  14. RDC Risks • Image quality • Un-imageable items • Duplicate deposits • Check storage and destruction • Hardware/channel stability • Fraud • Data security

  15. Determining Ministry Fit

  16. RDC Consideration Checklist • Check storage & destruction • Process integration • Your goals • Amount of cash • Number of checks • Funds availability • Scanner costs • PC requirements • Contingency plan

  17. Special Considerations Remittance Processing • Beyond The Check • Use envelopes or coupons? • Is contribution posting information available from any source other than the envelope or coupon? • What Is Remittance? • Scan another document with check including payment instruction • Electronically capture payment instruction • Electronically post donation to donor / accounting system

  18. Special Considerations Need for Remittance • Is information to post a contribution available in a source other than the envelope or coupon? • Net benefit of implementing a remittance solution with RDC?

  19. Special Considerations Donor Solution or Financial Institution? • Is the donor management vendor clearing the checks & crediting your bank account? • When will funds be deposited? • Can the donor management vendor create an RDC image file “cash letter” for you to deposit? • Can your FI process a "cash letter" file? • When will deposited funds be available?

  20. RDC Consideration Checklist • Checks storage & destruction • Process integration • Split donations • Envelopes or coupons • Software needs • Donor system integration • Bank integration • Total solution fees (vendor & bank) • Your goals • Amount of cash • Number of checks • Funds availability • Scanner costs • PC requirements • Contingency plan

  21. Questions?

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