One of the major benefits of using dual-purpose cash and check scanners is their remote deposit capture capability. This process enables the quick and efficient processing of money received from transactions. Since the check is processed on-site, there's no need to make a run to the bank to put the funds into a bank account The fast processing of check images makes it easy for retailers to move what they earned from a day's sales into the bank without having to worry about errors. More importantly, it saves time by running through checks rapidly without error, as well as sorting cash regardless of denomination. This makes depositing money a lot more secure and efficient.
The power of remote deposit capture is such that it has become one of the most critical aspects of the payments industry. According to Let's Talk Payments, it's considered the most important development to happen to the industry that originated from the Federal Reserve. Approximately 20 percent of all checks are now sent through remote capture devices as electronic images, sometimes in the form of an image cash letter. What is more interesting is that close to 100 percent of all the images deposited were coming from business customers.
Spurring off this development, a rapidly-growing number of banks have embraced RDC in some form. In 2014, the number of financial institutions offering RDC services increased from 1,300 to more than 2,900. At the current rate, 5,000 of the 7,000 FIs will offer the service by the end of 2015. Concurrently, the number of users - including businesses - that utilize RDC from mobile devices and dual-purpose cash and check scanners has gone from less than 1 million in 2010 to more than 40 million in 2014, a 4,000 percent increase.
As the number of deposits increase, concerns mount regarding the security of these images. There has been an rise in duplicate images used to defraud banks. One of the best ways of handling this development is using dual-purpose cash and check scanners at businesses everywhere. They're far more secure than other methods such as mobile devices in delivering check images to banks. Along with that, these machines have certifications with several leading programs and partners to deposit check images at the majority of the nation's banks that accept RDC.
August 11, 2015