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RemoteDepositCaptureA practical guidefor corporations. Advanced Solutionsfor Document ProcessingAn educational overview for corporationsinterested in the business case forRemote Deposit Capture Solutions.Author:Angie De JesusMarketing ManagerPanini North AmericaJULY 2006
Advanced Solutionsfor Document ProcessingTABLE OF CONTENTSPage 3-4Executive OverviewCheck 21 & Remote Deposit CaptureSection IPage 5Section IIPage 6-9Section IIIPage 10-12Remote Deposit Capture Case StudiesSection IVPage 13-15Environmental ConsiderationsSection VPage 16-19Remote Deposit CaptureFinancial Evaluation ModelSection VIPage 20The Deposit ProcessBefore & After Remote Deposit CaptureSummaryFor more information visit our website www.panini.comCopyright 2006 Panini North America. All Rights Reserved.This material may not be reproduced or distributedwithout the express written consent of Panini North America.My Vision X is a trademark of Panini S.p.A.
EXECUTIVE OVERVIEWThe intent of this paper is to present an objective and informative foundation of knowledge for acorporation considering Remote Deposit Capture (RDC). Included is a Financial EvaluationModel which calculates a corporation’s estimated cost savings for an RDC solution.With Check 21 legislation, effective October 28, 2004, trips to the local branch or lockbox site todeposit checks is becoming a thing of the past for many corporations. The combination ofCheck 21 legislation and advances in check imaging technology has enabled the capture ofdigital images of check deposits from remote locations including corporate offices. The ability toprocess checks through a compact tabletop scanner to automate the deposit process addssignificant value to corporate treasury operations.This advancement in technology has offered a compelling business case for corporations. It’spossible to realize an increase in deposit convenience and flexibility while reducing staff hours,creating higher transaction quality, and significantly improving return on investment (ROI).In Section I, we present the potential impact of Check 21 legislation on corporations. It includesthe significant savings a corporation may realize using Remote Deposit Capture to enable thedigital transformation of the paper check. We will present data from industry leading experts toshow how RDC will become increasingly popular as more corporations understand thecompelling business case for this evolution in payments processing.In Section II, we offer insights to the standard deposit workflow for a corporation in a pre-Check21 and a post-Check 21 environment. We will contrast the two models by showing thesignificant reduction in resources when utilizing a Remote Deposit Capture solution. We alsodescribe the RDC process and define the benefits of this new opportunity for depositautomation.In Section III, we illustrate two case studies from Pattco Printer Systems and IlluminationsContracts, who have already realized the benefits of RDC. Included is a profile of their strategy,implementation, and deployment of the solution.In Section IV, we present the environmental factors and key variables that must be taken intoconsideration to maximize the business case when selecting a Remote Deposit Capturesolution. This section also includes hardware and software solution selection criteria andadditional opportunities for RDC.3
In Section V, we have developed a Financial Evaluation model to allow readers to quicklyassess if an RDC solution is appropriate for their corporation. The model will evaluate thesolution costs, benefits, and the net savings.In Section VI, we conclude with a summary of important insights presented in this white paper.After reading this paper, the reader will gain significant insights that may be applied whilepursuing the opportunities available via Remote Deposit Capture.4
SECTION I – CHECK 21 & REMOTE DEPOSIT CAPTURECheck 21, The Check Clearing Act for the 21st Century, became federal law on October 28,2004. This landmark legislation facilitates check truncation and electronic check exchange byauthorizing a new negotiable instrument called a “substitute check” or an image replacementdocument. The legislation enables banks to create, transmit, and utilize a digital image of thephysical check.Check 21 was passed due in large part to the effective failure of the US Payments System inthe days following the September 11th terrorist attacks. When the Federal AviationAdministration closed US airspace for several days, tens of millions of paper checks could notbe cleared. It is estimated that over 40 billion was delayed from clearing for several days.That experience became the driving force to remove the legal barriers inhibiting development ofelectronic check clearing. This legislation allows for the ability to exchange digital images ofchecks, improves the efficiency of the entire transaction, and creates the opportunity for banksand corporations to eliminate manual processes associated with the receipt, processing, anddeposit of check payments.Remote Deposit Capture (RDC) has emerged as a popular method for automation of thedeposit process driven by advances in check electronification. The service enables companiesto scan checks at the point of capture, usually at the corporation’s Accounts Receivable office,processing center, or lockbox, and transmit the image to a bank for clearing.RDC allows corporations to set their own operational timelines without adhering to bankconstraints. This reduces the difficulty in managing costs associated with the processing ofpaper checks. Corporations have realized the opportunity for reduced transportation costs byreducing or eliminating trips to the bank. Corporations have also realized improved fundsavailability and extended deposit windows.Recent statistics published by John Leekley, President of RemoteDepositCapture.com,indicates the number of items processed via RDC rose from 60 million items in 2004 to anestimated 638 million at the end of 2005 and are projected to reach 2.6 billion items by the endof 2006. Additionally, the number of RDC locations is estimated to increase from approximately51,000 in 2005 to over 180,000 in 2006.As the business case for Remote Deposit Capture continues to accelerate, corporations willexpand the use of RDC to gain significant operational savings and competitive advantage.5
SECTION II – THE DEPOSIT PROCESS BEFORE AND AFTER RDCThe intent of this section is to depict the standard workflow for Pre-Check 21 deposit operationsand Post-Check 21 Remote Deposit Capture operations. We will also describe the RemoteDeposit Capture process and identify the benefits of RDC.A. Pre-Remote Deposit Capture Deposit Workflow for CorporationsThis scenario depicts a hypothetical corporation’s deposit activities before Check 21. The chartidentifies the amount of daily work associated with clearing a check through traditionaloperations and processes. Note these estimates assume a relatively low volume of documentsreceived (5 -10 per day). Higher volume operations would incur significantly higher time andcost.Receive ChecksProcess ChecksPrepare DepositTicketDeposit to BankFundsAvailability Get mailOpen/sortmail andpayments Prep time30 minutesMatch checks toinvoicesVerify correctpaymentsHandlediscrepanciesProcess checksin accounting vs.invoices1 hour Locate depositticketsFill out depositticketEndorse eachcheckManually totaldepositVerify totaldeposit amount1 hour Drive to bankWait in lineMake depositVerify receiptPersonalerrandsLiability for offsite employeeReturn to office1 hour 30 minutesTotal Work 4 hoursFunds Clearing / Availability 4-5 Days6 Check fundsavailability viaphone,internet, ATMUse cash4-5 days
B. Post Check 21-Remote Deposit Capture Workflow for CorporationsThis scenario depicts a hypothetical corporation utilizing a Remote Deposit Capture application.The illustration identifies the amount of operational activity reduced or eliminated, and thesignificant gain in funds availability.Receive ChecksProcess ChecksCapture Image ofCheck(s) on ScannerFunds Availability Get mailOpen/sort mailand payments Prep time30 minutesMatch checks toinvoicesVerify correctpaymentsHandlediscrepanciesProcess checksin accountingvs. invoices1 hourPrep checks(remove staples,rubber bands, jogchecks)Scan checksApprove or correcttransactionValidate the totaland submit –(Imagestransmitted tobank) 10 minutesTotal Work 1 hour 40 minutesFunds Clearing / Availability 1-2 DaysElimination of 2 hours and 20 minutes workand a gain of 2- 4 days on access to funds7 Confirmationfrom bank sentvia email tocorporationUse cash1-2 days
C. How Remote Deposit Capture WorksBecause of the overwhelming popularity of RDC, Celent, a leading Financial Industryresearch organization, projects the number of software liscenses for RDC will exceed100,000 in 2006 and 1.2 million by 2012. Below, we have described the steps involved inRemote Deposit Capture from the perspective of a hypethetical corporation.Step 1: Corporation receives check(s).Step 2: Corporation’s A/R department creates deposittransactions from desktop PC; Accomplished by usinga check scanner and software provided by bank orother vendor.Step 3: A/R department views the images of thechecks captured. The quality of the check image isverified, additional data is entered if necessary, andthe deposit is validated and balanced.Step 4: An image based deposit is prepared, typicallyvia the software provided by the bank. This is calledan ICL, or image cash letter.Step 5: The ICL deposit is transmitted via anencrypted, secure connection over the internet.Step 6: The bank receives the corporation’s ICL,posts to the corporation’s account, and funds arecleared and deposited.Step 7: When the ICL has been received andprocessed, the bank sends a confirmation of thedeposit to the corporation (typically via email).Step 8: Once the transmission of the check(s) hasbeen validated as received by the bank, the originalchecks may be shredded.8
D. Benefits of Remote Deposit CaptureCheck 21 places no additional requirements on a corporation. A corporation is not required tochange the way they process checks. However, if a corporation decides to take advantage ofRemote Deposit Capture the following benefits may be realized.“The primarybenefits to ourclients and theircustomers are costefficiency andproductivity. Ourcustomers can nowbank with us inways that wereonce limited bydistance andfootprint. RDCallows our treasuryclients to expeditetheir company’sreceivables and toreduce cost byavoiding courierand other deliverycharges by imagingthe checks receivedin house andtransmitting them toa bank eitherhalfway across thenation or halfwayacross the world.”Top National BankAccelerated Clearings – Remote Deposit Capture solutions provide theability to capture checks electronically from any authorized location. Theelimination of the need to physically transport checks to the bank providesan increased window of opportunity for corporations to process anddeposit checks. Accelerated clearing also enables the reduction orelimination of float, and the ability to make deposits at any time vs.making scheduled trips to the bank branch.Cash Management Operations – Because of accelerated clearing,Remote Deposit Capture enables the streamlining of cash managementresulting in improved cash flow and working capital availability.Bank Treasury Consolidation – Remote Deposit Capture provides anopportunity for corporations to consolidate banks, eliminating fees,statements, and vendor management activities associated with multiplebanking relationships. By maintaining one bank relationship corporationsmay realize improved business portability and competition among banks.This improves efficiency in corporate treasury operations and allows forimproved yield on larger consolidated balances.Reduced Transportation Costs – With Remote Deposit Capture,corporations now have the ability to reduce or eliminate trips to the bankbranch for deposits, and the costs associated with couriers, savingcorporations up to 80% in transportation and courier costs.Time Savings – In a Remote Deposit Capture environment the timesavings for a corporation is significant. This major change in the depositprocess enables corporations to focus on more value-add tasks withintheir organization. Employees can use time gained from the eliminationof trips to the bank in a more productive manner.RemoteDepositCapture.com9
SECTION III – RDC CASE STUDIESAs Check 21 continues to gain momentum, Remote Deposit Capture will continue to increase inpopularity among corporations.We have provided two case studies (Pattco Printer Systems and Illuminations Contract) ofcompanies that have recently implemented an RDC solution. They have provided invaluablefeedback on their experience with this application.10
Remote Deposit Capture Case StudyPATTCO Printer Systems LaunchesRemote Deposit Capture SolutionAnne KingManager, Administrative ServicesPATTCO Printer Systems is a privately ownedcompany with 23 years experience in printersolutions. PATTCO is a direct distributor for allleading brands of desktop printers, and offersservices and supplies to their customers. PATTCOhas offices in Marietta GA, Charlotte NC, andKnoxville TN.Anne is the AdministrativeServices Manager for PATTCOPrinterSystems.Sheisresponsible for managing theAccounts Receivable operationat their primary location inMarietta GA.For more information visitwww.pattco.comCHALLENGE:RESULT:On a typical day, PATTCO Printer Systems receives upto 25 checks averaging 1,800 per check. PATTCO wasapproached by their bank to streamline their depositprocess by taking advantage of the opportunities createdvia Check 21. “We needed a solution that would enableus to achieve the maximum benefits from checktruncation,” states Anne King, Administrative ServicesManager, PATTCO Printer Systems. “The RDC solutionmust be easy to use and maintain, incur minimal failurerates, reduce the number of trips to the local branch, andmost importantly increase funds availability.”“Our Remote Deposit Capture solution hasprovided our business with a variety of savings.We have eliminated the need to transport checksto the local branch three times a week and havegained the ability to make quick deposits creatingimmediate, readily available cash," notes King.“PATTCO is extremely happy with the decision toimplement RDC and recommends this easy, costeffective solution to others.”SOLUTION:PATTCO Printer Systems selected the Panini My VisionX scanner along with their bank’s RDC softwaresolution. They scan and deposit their checks once perday between 3:30-4:00 p.m. and have eliminated theneed to transport checks to the local branch. With theavailability of a help desk for technical support, PATTCOhas access to immediate assistance if they have aquestion regarding their RDC solution.““WeWe havehave gainedgained 22 fullfull daysdays ononaccessaccess toto ourour funds.”funds.”“It“It tooktook usus 3030 minutesminutes toto drivedrive totothethe branch,branch, 33 timestimes aa week.week. WeWedon’tdon’t havehave toto worryworry aboutabout thatthatanymore.”anymore.”“We“We nownow scanscan depositsdeposits everyday.”everyday.”Written by: Panini North America, a subsidiary of Panini S.p.A577 Congress Park Drive11Dayton, OH 45459937-291-2195www.panini.com
Remote Deposit Capture Case StudyIlluminations Contract RealizesPayback of Remote Deposit CaptureIlluminations Contract specializes in contemporarydecorative lighting. 90% of their business is to thecommercial industry on large jobs such as hotels andrestaurants. The remaining 10% consists of retailsales.Illuminations Contract has showrooms inAtlanta GA and in Birmingham AL. For moreinformation visitwww.illumco.comVicki CelaniCOO/CFOVicki is the COO/CFO ofIlluminations Contract. She isresponsible for overseeing 15employeeswhilemakingcontinual improvements to theirfinancial operations.CHALLENGE:Illuminations Contract receives 5 to 25 checks per dayaveraging 5,000 per check. With the passage of Check21, they wanted a more efficient system to streamlinetheir deposit processes using Remote Deposit Capture.However, they were hesitant to adopt this new solutionbecause of a bad experience with a previous checkscanner. Illuminations was approached by their bank witha total RDC solution, and became convinced of theadvantages of implementing RDC. Illuminations needed asolution that would reduce the number of trips to the bankto one per week, provide earlier access to funds by atleast one day, and accurately read all information on thechecks.RESULT:“In the 2.5 months we have used the RDCsolution, only one check has been unreadable,“says Celani. “This is substantial considering thenumber of checks we have processed. Moreimportantly we have gained at least one day onavailability of our funds.” Illuminations is pleasedwith the results of RDC and has demonstratedthe solution to other businesses who areinterested in utilizing RDC.SOLUTION:Illuminations Contract selected the Panini My Vision X scanner recommended by their bank. When Illuminationsreceives a check, they scan and electronically transmit thedeposit to their bank. The physical checks are thenstamped as deposited and retained for 120 days, afterwhich they are destroyed. Illuminations has reduced theneed to transport checks to the local branch from threetrips per week to one, and they have significantlyminimized their transportation costs. The ability to depositchecks every business day without traveling to the nearestbranch has generated substantial savings.““WeWe havehave reducedreduced ourour monthmonth endendprocedures-4 hours-60procedures fromfrom 33-4hours toto 3030-60minutesminutes usingusing RDC.”RDC.”“We-3 trips“We usedused toto makemake 22-3trips toto thethebankbank eacheach week,week, nownow wewe don’tdon’t makemakeany.”any.”“The“The RDCRDC solutionsolution hashas beenbeen aa realrealmoralemorale booster.booster. It’sIt’s trulytruly priceless.”priceless.”. a subsidiary of Panini S.p.AWritten by: Panini North America,577 Congress Park Drive12Dayton, OH 45459937-291-2195www.panini.com
SECTION IV – ENVIRONMENTAL CONSIDERATIONSThere are key environmental considerations a corporation must evaluate before implementingRemote Deposit Capture. A survey conducted by Carreker Corporation reveals that weighingenvironmental considerations is critical in determining whether a corporation has a high-valuebusiness case for RDC.A. Environmental ConsiderationsBelow are the variables that should be considered to maximize the benefits of an RDC solution.Companies with these characteristics represent the strongest candidates for RDC.1. Low Cash Receipts – A company that is not considered “cash-intensive” inreceivables is likely to be a strong candidate for RDC. Cash intensive companiesusually require trips to the bank for deposit, which may weaken the business case forRDC.2. High Value Checks – A company that receives high value checks may gainsignificant benefit from accelerated clearing and earlier access to funds.3. Low Proximity to Bank Branch – A company with remote location(s) where it isdifficult to get to the local branch is an excellent candidate for RDC.4. High Number of A/R Locations – A company with multiple A/R locations will havethe opportunity to consolidate banking relationships and automate the depositprocess with RDC.5. High Quantity of Checks – A company that receives a large volume of checks is astrong candidate for RDC.To evaluate the RDC opportunity for a corporation, a quick, easy to use scale has beenprovided using the environmental considerations presented above. This simple tool (presentedon the next page) can be used to help guide corporations in the RDC decision making process.13
Based on a scale from 1-10, rank where your company fits regarding each EnvironmentalVariable.1 very low5 average10 very higha.) High Value Checks1-2-3-4-5-6-7-8-9-10b.) Number of A/R Locations1-2-3-4-5-6-7-8-9-10c.) Quantity of Checks1-2-3-4-5-6-7-8-9-101 very high5 average10 very low(NOTE: Scale is inverted for the following variables)d.) Cash Receipts1-2-3-4-5-6-7-8-9-10e.) Proximity to Bank Branch1-2-3-4-5-6-7-8-9-10TOTAL (Sum of all scores a - e)If the total is greater than 25 your corporation shouldstrongly consider a Remote Deposit Capture Solution14
B. Solution ConsiderationsThere are certain criteria required of all hardware and software solutions in order to fullyleverage a Remote Deposit Capture Solution as well as additional solution considerations thatshould be evaluated. It is important for a corporation to find a solution that meets or exceedsthese criteria.HARDWARE / CHECK SCANNER Image quality must be compliant with Check 21 standards X9.90 created by theAmerican National Standards Institute (ANSI)Achieve MICR read line accuracy rates of 98% or higherBlack and white (bitonal) image resolution at 200 dots per inch (dpi) or higherUSB 2.0 interface for high speed connectivityAccept documents of different lengths and thickness(ie. personal checks, business checks, remittance stubs, coupons, etc.)Compact size occupying minimal spaceReliable and easy to maintainSOFWARE Deposits must be displayed in the same sequence receivedDeposits must have a balanced totalVirtual deposit tickets must be created in Check 21 format adhering to ANSIX.9.37 standards for the Image Cash Letter (ICL)Deposits must be transmitted via secure, encrypted connection.Banks should acknowledge receipt of the deposit.Easy-to-use interface for the RDC SoftwareMinimal reject rate for deposit transactionsADDITIONAL SOLUTION CONSIDERATIONS Character amount recognition (CAR) and Legal amount recognition (LAR)softwareServices including depot repair and other device repair optionsOperator training for the scanner and software applicationServices to assist with the implementation of RDC solutionMaintenance / SuppliesWarrantiesHelp Desk15
SECTION V – RDC FINANCIAL EVALUATION MODELWe have developed a financial evaluation model to identify the potential savings for an RDCsolution. The model evaluates the costs for a RDC solution, benefits, and the estimated netsolution savings.The model assumes a single deposit processing location. Note that savings for multiple locationenvironments can be calculated by extrapolating the single location results, or by completing theFinancial Evaluation Model for each individual location.If you would like to use the model to calculate savings potential specific to your organization,please contact Angie De Jesus at angie.wagner-dejesus@panini.com or 937-291-2195 x17 fora copy of the Financial Evaluation Model in Microsoft Excel format.The sample data that has already been entered in the model is based on a hypotheticalcompany and industry averages provided by industry experts.RDC Savings – Example CalculationsHolding all model variables constant except the average quantity and the average value ofchecks received, the RDC Financial Evaluation Model generated the following saving estimates.ScenarioAvg. # Checks / DayAvg. Check ValueAnnual Est. SavingsLow Volume10 300 8,192Medium Volume25 750 112,049Higher Volume100 1,500 3,551,77516
REMOTE DEPOSIT CAPTURE (RDC) FINANCIAL EVALUATIONExisting Labor CostsWhat is the annual salary for the person who typically handles the deposit process (Enter 0 if hourly)?ORWhat is the hourly pay rate for the person who typically handles the deposit process (Enter 0 if salaried)?By what percentage does your base labor cost increase for all company benefits?(Health Care, Dental, Vision, 401K, Workers Comp, etc.)How many work days are in a calendar year for your company? 50,000.00 0.00 50,000.0020.00%265Number of Deposited ItemsHow many checks do you receive on average per business day?On average how many business days are in each month?What is the average value of a check you receive?1020 300.00Solution Cost Using Remote Deposit Capture (RDC)What is your bank's service fee per month for RDC?What are the additional RDC service costs, if any, per month?If your bank also charges a per item fee, what is the amount?What, if any, are the additional per item fees?What is your cost for the check scanner?On average, how much do you spend on check scanner maintenance per year?What, if any, is your incremental network cost per month?How much do you spend on Inkjet cartridges per year for the check scanner?How much do you spend on other consumables / supply items per year for the check scanner?How much do you spend on cleaning supplies per year for the check scanner?On average, how long does it take to prepare deposits for scanning (minutes)?On average, how long does it take to scan deposits (minutes)?On average, how long does it take to verify scanned deposits (minutes)?How many times per day do you anticipate scanning and transmitting deposits? 50.00 0.00 0.00 0.00 800.00 100.00 0.00 30.00 10.00 5.005551Solution Savings Using Remote Deposit Capture (RDC)On average, how many trips to the bank do you make per week?How many trips can be eliminated due to RDC?How long does it take you to travel to and from the bank (minutes)?On average, how much time do you spend in the branch (minutes)?Per trip to the branch, what is your total roundtrip mileage?What is your mileage reimbursement rate?How much additional time is lost during trips to the bank i.e. traffic, personal errands,etc. (minutes)?How many courier deposits do you average per month?What is your cost per courier deposit?What is your current days float per deposit item?How many days float will be eliminated per deposit item using RDC?What percentage rate does your company use to express the cost of money?How many banking deposit relationships do you have?What are the deposit related monthly service fees per bank?43601025 0.45204 25.004312.00%3 50.00REMOTE DEPOSIT CAPTURE NET SAVINGS PER MONTHREMOTE DEPOSIT CAPTURE NET SAVINGS PER YEAR 682.63 8,191.56 2006 Panini North America. All Rights Reserved.This material may not be reproduced or distributed withoutthe express written consent of Panini North America.My Vision X is a trademark of Panini S.p.A.17 0.00
REMOTE DEPOSIT CAPTURE (RDC) FINANCIAL EVALUATION CALCULATIONSSolution CostBank Service Fees per month for RDCBase service feeAdditional servicesTotal monthly bank service feesBank Transaction Fees for RDCPer item feePer item additional feesTotal monthly transaction fees 50.00 0.00 50.00 800.00 100.00 900.00 75.00Additional Network CostIncremental network cost per month 0.00Number of Deposited ItemsAverage number of items per dayNumber of business days per monthAverage number of items per monthAverage value per checkAverage deposit value per month1020200 300.00 60,000.00 30.00 10.00 5.00 45.00 3.75Labor Cost per monthDeposit preparation (minutes)Deposit scanning (minutes)Deposit verification (minutes)Number of deposits per monthTotal deposit labor per month (minutes)Total deposit labor cost per month55520300 141.51Total RDC Solution Cost per Month 270.26RDC Solution SavingsTrips to Bank to Deposit ChecksAverage number of trips to bank per weekNumber of trips eliminated due to RDCTime per bank trip (minutes)Travel time to and from bankTime in branchTotal time per tripLabor cost per tripExpense per bank tripTotal miles per tripMileage reimbursement rateTotal mileage expenseAdditional lost time (i.e. errands)Total cost of additional lost timeTotal expense per bank tripTotal savings from trip elimination 50,000.0020.00% 60,000.002652120 28.30 0.00 0.00 0.00Scanner CostBase cost of scannerScanner maintenance cost per yearTotal scanner cost per yearMonthly cost of scannerConsumables for ScannerInk Jet cost per yearOther consumables costs per yearCleaning supplies per yearTotal scanner consumables cost per yearTotal scanner consumables cost per monthBase Labor Cost CalculationAnnual labor cost per person (salary)Benefits lift per personTotal labor cost per year per personAvailable days per yearAvailable hours per yearTotal labor cost per hour43601070 33.0225 0.45 11.2520 9.43 20.68 161.11 2006 Panini North America. All Rights Reserved.This material may not be reproduced or distributed withoutthe express written consent of Panini North America.My Vision X is a trademark of Panini S.p.A.18
Courier Costs (i.e. high value checks, exception deposits)Number of courier deposits per monthCost per courier depositTotal courier cost eliminatedFloat SavingsCurrent days float per deposit itemDays float eliminated per deposit itemPercentage rate for cost of moneyAverage daily deposit valueAverage daily cost of floatFloat savings per deposited itemTotal deposited items per monthNet float savings per month4 25.00 100.004312.00% 3,000.00 0.99 2.96200.00 591.78Bank ConsolidationNumber of banking deposit relationshipsDeposit monthly service fees per bankTotal current service feesBank consolidation savings3 50.00 150.00 100.00Total RDC Solution Savings per month 952.89NET RDC SAVINGS PER MONTH 682.63NET RDC SAVINGS PER YEAR 8,191.56 2006 Panini North America. All Rights Reserved.This material may not be reproduced or distributed withoutthe express written consent of Panini North America.My Vision X is a trademark of Panini S.p.A.19
SECTION VI – SUMMARYThe purpose of this white paper is to provide corporations with an objective analysis forevaluating Remote Deposit Capture. We hope the reader will gain critical insights into fourimportant and related areas.1.2.3.4.The opportunities for remote deposit capture from the user’s perspective.Observations from two companies using RDC.The environmental and solution considerations for Remote Deposit Capture.The potential savings using our RDC Financial Evaluation Model.Armed with this knowledge, corporations can easily determine if Remote Deposit Capture is asolution that can benefit their organization. Additional RDC resources includewww.RemoteDepositCapture.com, The Federal Reserve w
Remote Deposit Capture the following benefits may be realized. Accelerated Clearings - Remote Deposit Capture solutions provide the ability to capture checks electronically from any authorized location. The elimination of the need to physically transport checks to the bank provides an increased window of opportunity for corporations to .
