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Remote Deposit Capture
Paul FritzEvangelical Christian Credit Union
Product Management
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Agenda
RDC OverviewRDC Overview
Benefits & RisksBenefits & Risks
Determining Ministry FitDetermining 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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Effective Ministry Workflow
Open Sort Log DeliverPrepCopyUpdate Day 2
Day 1 Activity - Performed Daily
Current Operations Workflow
Open Sort Log DeliverPrepScanUpdate Day 2
Amount of Work Reduced
Future Operations Workflow: Stand-Alone Solution
Future Operations Workflow: Integrated Solution
Open Sort Scan DeliverCopyUpdateImport Day 2
Amount of Work Reduced or Eliminated
Log
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
ACH
• Consumer checks only
• Less than $25,000
• Opt out
• ARC & BOC
• Capture & send MICR information only
Donor System
• Some scan check & capture MICR
• Some scan check & capture MICR & image
• Some create a standard bank deposit file
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
Your goals
Amount of cash
Number of checks
Funds availability
Scanner costs
PC requirements
Contingency plan
Check storage & destruction
Process integration
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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
Your goals
Amount of cash
Number of checks
Funds availability
Scanner costs
PC requirements
Contingency plan
Checks storage & destruction
Process integration
Split donations
Envelopes or coupons
Software needs
Donor system integration
Bank integration
Total solution fees (vendor & bank)
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Questions?