Wachovia, the fourth-largest bank in the U.S., is now offering a new banking technology that allows corporations to scan checks and send their deposits electronically over the Internet.
Wachovia Treasury Services announced on Oct. 4 the formal launch of the Remote Deposit Capture Online service, after testing the service for several months. Remote Deposit Capture, or RDC, has been heralded as a major innovation for the industry because it allows corporations to deposit large sums of money electronically without having to physically deposit checks at a bank.
Here’s how it works: Companies using the system scan checks using electronic imaging machines. They balance the deposit amount against the sum of the checks and transmit the deposit electronically to their bank over a secure Internet connection. Once the bank receives the transmission it settles the deposit, checks for image quality and verifies the account number. It then sends the customer back an electronic receipt of the deposit transmission. The company can then destroy the original checks or store them according to its policy.
Read the full story on Baseline: Bank Offers Check Deposits Over the Net