Major Challenges with Processing Checks (NET Deposit)

• Low cash application hit-rate: 30-40%
• Check and remittance scanned separately
• Remittance information not used ? algorithms resulted in misapplication
• Separate payments for separate operating companies

Remote Deposit Capture 2.0. – How it Works

Instead of scanning and processing checks manually Here is how RDC 2.0. works: Step 1. Scanning:

• Scan checks and remittances together in one batch.
• Data captured with high accuracy due to inbuilt Magnetic strip based MICR capture and OCR based data capture.

Step 2. Transmission of enriched file:

• Electronic index file for internal cash application auto-created
• Enriched electronic file in bank-compatible ICL (Image Cash Letter) format auto-created to be forwarded to bank.

Step 3. Real-time cash application:

• Electronic index file auto-matched with scanned remittance information
• Open A/R invoice details auto-pulled from ERP
• Payment details individually auto-linked open A/R line-items
• Cash auto-posted in the ERP