Electronic Check Clearing
ProgressSoft provides the check clearing market with the Remote Deposit Capture solution, Prompt RDC, which allows vendors and corporations to capture their check items and deliver them to the bank instantly.
Prompt RDC has been designed and implemented to provide the benefits of Remote Deposit Capture to all your corporate clients within the scope of an electronic image-based check clearing solution, utilizing the check clearing network already adopted by the bank.
Exploiting a check imaging system, Prompt RDC renders physical trips to the bank to deposit check items needless as checks along with the deposit ticket are scanned at the corporate location using a desktop scanner and electronically transmitted to its bank. Check amounts will be deposited into their beneficiary accounts during the same clearing session taking place.
Prompt RDC seamlessly integrates with ProgressSoft's Check Clearing Solution, Prompt Check, by which an electronically conducted check clearing process can be carried out at the bank.
- Based on Smart Client Technology, allowing the corporate client to work in one of two modes: online and offline.
- A Straight-Through-Processing system when operated online.
- Implemented around the PKI (Public/Private Key Infrastructure) security standard.
- Compliant with international data exchange standards presented by the ANSI X9.37 standard for check image-based data and image exchange.
- Cost effective, requiring minimal investment.
- A zero administration tool.
As electronification of checks is made possible from the corporate level, substantial savings are realized from reductions in transportation expenses.
Expedited Clearing Cycle
Abolishing the need for physical checks to be transported to the bank deducts the transportation time from the total processing lifecycle of a check and provides a longer time for the bank to process the checks. This allows corporate client to deposit more items on any given day than it otherwise would.
Improved Depositing Timeframe
By offering Prompt RDC, your bank can extend the cut-off time for deposit; electronic depositing of checks can be allowed to occur within a longer time period than the one assigned for regular paper check deposits, resulting in an overall accelerated clearing time.
Consolidated Banking Relationships
Eliminating geographic 'footprints' for depository practices can provoke corporate clients to consolidate their relationships with your bank which can in turn, offer volume-based discount on per-item charges.