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Remote Deposit Capture PowerPoint PPT Presentation


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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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Remote deposit capture l.jpg

Remote Deposit Capture

Paul Fritz

Evangelical Christian Credit UnionProduct Management


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Agenda

  • RDC Overview

  • Benefits & Risks

  • Determining Ministry Fit


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Remote Deposit Capture Overview


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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


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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


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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


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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


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Current Operations Workflow

Future Operations Workflow: Stand-Alone Solution

Future Operations Workflow: Integrated Solution

Effective Ministry Workflow

Could Be More Than Checks


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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


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Essential Elements

  • Bank

    • Accept Deposit

    • Clear Checks & Deposit Funds to Your Account

  • Security

    • Check storage & destruction

    • Image & electronic data storage


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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


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Benefits & Risks


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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


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RDC Risks

  • Image quality

  • Un-imageable items

  • Duplicate deposits

  • Check storage and destruction

  • Hardware/channel stability

  • Fraud

  • Data security


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Determining Ministry Fit


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RDC Consideration Checklist

  • Check storage & destruction

  • Process integration

  • Your goals

  • Amount of cash

  • Number of checks

  • Funds availability

  • Scanner costs

  • PC requirements

  • Contingency plan


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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


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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?


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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?


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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


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Questions?


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